SARASOTA, FLA. (SNN) — As downtown Sarasota continues to develop, more and more residents are calling condos their home.

With the growth of these high-rise buildings comes a rising concern over safety, costs, and insurance.

A new bill, House Bill 913, is making its way through the state legislature, aiming to address these issues, but at what cost to condo owners?

Florida Lawmakers Push for Tougher Condo Safety Requirements

Following the tragic Surfside building collapse in 2021, which claimed the lives of 98 people, Florida lawmakers are pushing for tougher condo safety requirements with House Bill 913.

The bill calls for stricter regulations targeting buildings that are three stories or higher and at least 30 years old, aiming to prevent another tragedy like Surfside.

Proponents argue that these measures are necessary to protect residents and prevent structural failures that could result in devastating loss of life.

“There were certain areas of the state that did have laws in effect, but they weren’t statewide, and the law needed more consistency to make sure condos are safe,” said Natalie Coldiron, a lawyer with expertise in property law.

The bill would require more frequent structural inspections and an in-depth assessment of condo buildings, ensuring that older buildings undergo necessary repairs or upgrades to comply with new safety standards.

Potential Financial Impact on Condo Owners

One of the key components of the bill involves financial ramifications for condo owners. Part of the bill would prevent condo associations that fail to meet safety standards from using Citizens Property, the state-run insurer often relied on when other options are unavailable.

Without access to Citizens Property, condo associations may face difficulty securing affordable insurance, potentially leading to higher HOA fees for owners.

Tony Barrett, a Sarasota-based realtor, shared his concerns about the potential financial burden on residents.

“If you are on a fixed income and you knew what you were going to pay monthly, and the assessments, you knew what you were going to pay monthly,” Barrett said. “It might make you out of the affordability range. You’d have to decide whether to buy groceries or pay assessment fees.”

With rising maintenance costs and the increased possibility of special assessments for repairs, the financial strain could cause some residents to reconsider whether they can continue living in their condos.

Insurance Issues Could Affect Condo Sales

The bill’s impact on condo insurance could trigger a chain reaction affecting condo associations and owners statewide.

Coldiron warned that the inability of condo associations to obtain insurance could lead to defaults on loans, blocking potential sales.

“If unit owners and associations can’t get insurance, then loans could be in default,” Coldiron said. “That might stop a sale of units in their tracks.”

This ripple effect could complicate the real estate market for condos across Florida, as buyers may be reluctant to purchase units in buildings that are unable to meet the new insurance and safety standards.

Condo associations could face difficulties in maintaining their properties or securing financing for necessary upgrades, leading to further challenges for residents.

A Rising Concern: Affordability vs. Safety

As Sarasota’s condo market continues to grow, the question of balancing affordability with safety becomes more pressing.

Many residents worry that the new regulations, while necessary for ensuring safety, could make condos less affordable, particularly for those on fixed incomes or without the financial flexibility to absorb higher costs.

Deadline for Inspections and Assessments

Condos across the state have until the end of this year to complete their structural inspections and assessments to comply with the new regulations.

However, many condo associations are facing a shortage of engineers and architects to carry out the necessary evaluations, which could delay the process.

With a growing number of condos needing inspections, there may not be enough professionals to meet the demand in time.

This shortage could lead to additional challenges, including longer wait times for inspections and potential delays in required repairs if issues are found.

The Road Ahead: What’s Next for House Bill 913?

The bill still needs a full vote in the House before moving to the Senate for consideration.

If it clears both chambers, it will be up to Governor Ron DeSantis for approval.

Condo owners, real estate agents, and lawmakers are closely watching the bill’s progress, as it could change the landscape of condo ownership in Florida.