Condo Mitigation Bill Approved in Florida
Florida Pilot Program Advances for Coastal Condo Fortification
In a significant move toward bolstering the resilience of coastal condominiums in Florida, a pioneering pilot initiative has cleared the legislative hurdles and is headed toward gubernatorial approval. However, amidst this progress, other critical property insurance bills face uncertainty following last-minute revisions, with the legislative session rapidly drawing to a close.
Senate Endorses Condo Fortification Bill
The Florida Senate resoundingly supported House Bill 1029 with a unanimous 39-0 vote, following the bill’s earlier unopposed passage in the House of Representatives. HB 1029 aims to establish a groundbreaking program, dubbed “My Safe Florida Condominium,” designed to facilitate the inspection and retrofitting of condominiums with wind mitigation measures. The legislation mirrors the successful homeowner mitigation program by providing matching grants for strengthening roof connections and enhancing window and door protections.
Key Provisions and Adjustments
Under HB 1029, similar to SB 1366, condominiums could receive grants up to $1,000 per unit for roof upgrades, contingent upon a unanimous vote by condo owners to pursue the grants. Additionally, the bill mandates background checks for inspectors to ensure the integrity of the fortification process. Notably, an initial provision restricting grants to buildings of three stories or less was removed prior to passage.
Expansion of Homeowner Mitigation Program
Simultaneously, SB 7028 proposes an expansion of the existing homeowner mitigation program, allocating up to $200 million in new funding. This move underscores the state’s commitment to enhancing the resilience of residential properties against natural disasters.
Uncertainty Looms Over Other Insurance Bills
Despite these advancements, uncertainty clouds the fate of several other crucial insurance bills. HB 1503, which sought to enable surplus lines insurers to issue second-home policies through Citizens Property Insurance Corp., encountered a setback due to a late amendment in the Senate. The amendment, limiting takeouts to non-homesteaded properties, necessitates reconciliation with the House version before submission to the governor.
Similarly, HB 1611, intended to augment data reporting requirements for insurance carriers, faced alterations, notably removing a provision concerning nursing home self-insurance. Meanwhile, SB 1104, aimed at curbing policy cancellations and nonrenewals post-storm for homeowner insurance, awaits action in the House following its Senate passage.
Conclusion
As the legislative session nears its conclusion, the advancement of the My Safe Florida Condominium program marks a significant stride in fortifying coastal properties against the ravages of nature. However, the fate of other insurance bills hangs in the balance, highlighting the complexities and challenges inherent in safeguarding Florida’s diverse real estate landscape.