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Florida condo owners brace for rising insurance rates State lawmakers set to meet Dec. 12 for special session regarding issue

Florida condo owners brace for rising insurance rates State lawmakers set to meet Dec. 12 for special session regarding issue

  • Posted: Dec 08, 2022
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Florida condo owners brace for rising insurance rates

State lawmakers set to meet Dec. 12 for special session regarding issue

SINGER ISLAND, Fla. — Many South Florida condo owners are getting a holiday surprise they weren’t expecting — paying more for insurance. It’s all part of the state’s insurance crisis that has hit homeowners all year.

“The insurance this year is hitting us hard,” Johannes Neckermann, who sits on a condo board on Singer Island, said.

The rate hikes are not only hitting condo owners but also condo associations, which then pass on the costs to the condo owners.

“We raised this year the rate on unit owners just to afford the insurance,” Neckermann said.

He said in some cases the costs were up 40% over last year.

Florida property owners are already paying the most in the country for insurance, and it’s only getting worse.

Many condo owners are just discovering this, especially the part-time residents who are now arriving for the winter months.

“There’s a little bit of a sticker shock for people who don’t follow Florida year-round,” Robert Norberg of Arden Insurance in Lantana said.

Experts said there are several reasons for the increase in rates, all of which are making it very tough for insurance companies to stay afloat.

“It’s been several years of claim problems, and things like, that impact associations, as well as individual unit owners, plus now the Surfside [condo collapse in 2021], plus the issues with recent hurricanes,” Norberg said. “They’re all taking losses, and it hits not only the unit owner but the association in a big way.”

Condo owners are getting hit twice on those fees and then with their own insurance going up.

As with homeowners, it’s likely to drive condo dwellers to the state-run Citizens Property Insurance, which is already ballooning with more than a million policies.

Florida lawmakers are supposed to meet Dec. 12 for a special session on fixing the insurance issues, but there are no promises anything can be fixed quickly.

“They can’t force insurance companies to charge,” Norberg said. “The only thing they can do is help regulate the rates of admitted carriers.”

 

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WHEN THE GOING GETS TOUGH By Eric Glazer, Esq.

WHEN THE GOING GETS TOUGH By Eric Glazer, Esq.

  • Posted: Dec 08, 2022
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WHEN THE GOING GETS TOUGH

By Eric Glazer, Esq.

It has always been difficult to get volunteers to be on the Board of Directors.  Even when times are good and the building has made repairs and has some money in the bank, you can never count on owners to volunteer their time for a position where on their best day they will be second guessed and criticized.  It’s always touch and go as to whether an election will even be required in most condominiums because there won’t be enough volunteers.  Maybe it’s because the job doesn’t pay too much.

Well, if you thought it was hard to get volunteers for the Board before, you ain’t seen nothing yet.  Members of Boards starting in 2025, and perhaps some Boards getting a jump on the new laws know that they certainly won’t be winning any popularity contests by serving on the board, especially when they prepare the association’s annual budget.  These new Board members will be the ones who have to tell the members of the community that their monthly assessments are about to skyrocket due to:

  1. Mandatory Phase One Inspections;
  2. Probable Phase Two Inspections;
  3. Massive required repairs in order to pass the 25,  30, 40 or 50 year inspections;
  4. The full funding of a reserve account based upon a structural integrity reserve study;
  5. The fact that reserves can no longer be waived.
  6. Massive Increases in the association’s insurance.

These board members will need to sit behind barbed wire and Police “Do Not Cross” tape during the budget meeting.  They will probably want to be escorted to their units after the meeting by security.  Bottom line is they are going to be facing hostile crowds.

Let’s say they make it back to their unit and still wish to remain on the Board.  Now the fun begins.  These board members will have to hire the architects, hire the engineers, hire the contractors, make sure the repairs get made and pay all of the association’s massive bills. They may also have to negotiate a loan from a local bank so that everyone doesn’t have to come out of pocket for all the repairs.  Of course they will also still have the usual responsibilities of Board members such as attending meetings.

So who in the world is going to want to serve on the Board in 2025 when all of these new laws go into effect?  Why would anyone stick their neck out so far?  Well, if you were always a board member, you may not be scared of the responsibilities to come.  On the other hand, if you were shy of becoming a board member before, I don’t doubt that you’re going to remain the same and stay away.  It’s going to get tough ladies and gentlemen.  But will the tough get going and make the association’s Board the best it can be?

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At SRI, we use Catalogger—a cloud-based content management system that automatically organizes drone-acquired site survey images using metadata, maps

At SRI, we use Catalogger—a cloud-based content management system that automatically organizes drone-acquired site survey images using metadata, maps

  • Posted: Dec 08, 2022
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At SRI, we use Catalogger—a cloud-based content management system that automatically organizes drone-acquired site survey images using metadata, maps and panoramas… making high-resolution photos easy to find and share.
Catalogger is changing the face of structural condition assessments. Watch it in action below. And make sure to sign up for a free demo account by scanning the QR code at the end of the video or clicking directly to Sign Up (catalogger.com).

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Does your asphalt, roadways or walkways have problems? We have solutions. by 3-D Paving

Does your asphalt, roadways or walkways have problems? We have solutions. by 3-D Paving

  • Posted: Nov 22, 2022
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Does your asphalt, roadways or walkways have problems? We have solutions. Use the link below to get a free quote and consultation today. Let us put our decades of experience and excellence to work for you.
Fill out the form and if you put in the address of the location you’d like us to look at, in most cases with satellite data, we can give you an idea of what project is going to be before we even set foot on the property. Technology at it’s best!

Get a Free Quote & Consultation from 3-D Paving in Coral Springs, FL

One of the hardest and most stressful parts of any commercial building project or renovation is finding contractors you can really trust. And in no place can that be more complicated then here in South Florida. 3-D Paving & Sealcoating, headquartered in Coral Springs, FL, is a family owned and operated paving contractor that will always put integrity first. Let us put our decades of experience, expertise and excellence to work for you. Find out why we’re the first choice for Hollywood Florida commercial paving projects. We provide excellence in asphalt, concrete, sealcoating, striping, repairs and so much more. See the 30 second intro video below, fill out the quote form or Contact us direct!

Thanks for reaching out to 3-D Paving and Sealcoating about your project! We appreciate this opportunity and look forward to gaining you as a client. Please fill out the form below and include some details about your project and what you’re looking for. If you aren’t sure exactly what you need that’s fine as well. If you need more information on what services 3-D Paving has to offer, please visit the 3-D Paving website here for more information. Once we receive the form, we will have someone get in touch with you as soon as possible! If you need more immediate assistance, please call us toll free 1.855.735.7623 or email us directly at here.
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15% OFF YOUR RETAIL ROOF REPLACEMENT OR WATER MITIGATION PROJECT! Savings Code: FALL15

15% OFF YOUR RETAIL ROOF REPLACEMENT OR WATER MITIGATION PROJECT! Savings Code: FALL15

  • Posted: Nov 22, 2022
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15% OFF YOUR RETAIL ROOF REPLACEMENT OR WATER MITIGATION PROJECT!

Savings Code: FALL15

 

EMERGENCY ROOF REPAIR IN CENTRAL FLORIDA

Your home is one of your most important investments, so protecting it is a top priority. Sometimes that means dealing with an emergency roof leak repair—and such needs don’t always occur during regular business hours. That’s why you need a reliable emergency roofer you can count on, no matter the time of day.

Since 2008, the award-winning Dynasty Building Solutions team has been available for after-hours emergencies throughout Central Florida. If the damage requires it, we’ll install an emergency roof covering to prevent further issues.

Needing an emergency roof repair is a stressful situation, but it’s a lot easier when we’re on your side!

24/7 Roof Repair Services

No homeowner wants to deal with emergency roof damage, but knowing you can call on our 24/7 roof repair professionals gives you some peace of mind. It’s not enough that we’re available; we also provide superior repairs using premium materials.

Those are some of the reasons we should be your first call when you have a roofing emergency. Other reasons include:

  • We’re a BBB-accredited business.
  • We’ve won industry awards from Home Guide and Angie’s List.
  • We’re a GAF Master Elite Contractor.
  • Our competitive prices and simple financing make it easier to budget for any emergency roof repair cost.
  • Our roofers work on any type of roofing, including asphalt shingles, tile, metal, and wood.
  • We stand behind our work with impressive warranties and a 100% satisfaction guarantee.

Contact Our Central Florida Roof Repair Professionals for Emergency Service

We hope you’ll never need an emergency roof repair, but we’ll be here for you if you do! No matter the time of day, we’ll help you determine if your situation is an emergency and respond quickly if your home needs immediate attention.

Call Dynasty Building Solutions today to learn more about our expert roof repairs, or fill out our online form now to request a consultation.

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SO WHERE WILL PRICES GO? By Eric Glazer, Esq.

SO WHERE WILL PRICES GO? By Eric Glazer, Esq.

  • Posted: Nov 17, 2022
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SO WHERE WILL PRICES GO?

By Eric Glazer, Esq.

I think last night’s 60 Minutes episode made it clear that for some, living in their condominium unit may simply become unaffordable.  The question is……which condos will suffer the most and which other forms of housing are most likely to retain their values and even go up.

Everyone is freaking out that all condominium living will soon become insanely unaffordable but that simply isn’t true.  Remember, these new inspection laws only kick in after 25 years if your condo is on the beach or within 3 miles of the coast.  They don’t kick in for 30 years for all other condos.  So, if your condo is new, these new inspections may not apply to you for decades.  Relax.

What else do we know?  Full funding of reserves start in 2025 and they can’t be waived.  Does that spell doom and gloom for everyone?  Not necessarily.  If your condominium has always been doing the right thing and has been fully funding reserves, these new laws requiring the full funding of reserves may not have a financial effect on you at all.   On the contrary, if you have been living in a condominium that has been waiving reserves for years, or even decades, you are in trouble.  You have a lot of catching up to do.  But what did you expect?  You were never putting away money for future repairs?  Did you think your building would never need repairs?  If it did need repairs, did you think these repairs would magically be paid?

Remember, these mandatory inspections, mandatory repairs and mandatory reserves only apply to condominiums of 3 stories or more.  So obviously, if your condominium is under three stories, you won’t be subject to mandatory inspections or mandatory reserves.  Something tells me, your home will be in high demand.

Of course, if you live in an HOA, the new inspection and reserve laws won’t apply to you either.  No doubt in my mind, condo dwellers will soon be looking to switch to the HOA way of life.

If you live in one of those condos above 3 stories that is 30 years of age or older and never reserved a dollar, it’s going to be hard to sell your unit. Buyers are more educated now and realize they would be buying into a financial nightmare.  If you want to sell, your price will definitely have to factor in, what the new buyer is about to pay for those inspections and repairs.

On the contrary, people who own condos under 3 stories or who live in HOAs will be in the driver’s seat as none of these costs will be passed on to their potential buyers.

I’m no realtor……..but this is how I see it.

 

Lake Turnover and Fish Kills The science behind it….by Allstate Lake Management

Lake Turnover and Fish Kills The science behind it….by Allstate Lake Management

  • Posted: Nov 16, 2022
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Lake Turnover and Fish Kills The science behind it….

by Allstate Lake Management

Lake turnovers generally occur in the fall but can sometimes occur in the summer. During the hot weather, the surface water of a lake warms much faster than deeper water. This results in a temporary layering effect, with warm water on top and cool water underneath. Scientists refer to this as stratification.
Because the top layer has constant access to the atmosphere, it tends to have more oxygen than the bottom layer-even though it’s warmer. If a heavy wind or cold rain should occur during these conditions, the stratification may be broken, causing the two layers to mix. Once this happens the mixing action can result in low dissolved oxygen levels throughout the water column, and can potentially cause a fish kill.
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Watch the Webinar: Preventive Maintenance CEU Course

Watch the Webinar: Preventive Maintenance CEU Course

  • Posted: Nov 16, 2022
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Watch the Webinar: Preventive Maintenance CEU Course

We recently held an educational webinar with the Brickell Homeowners Association and Siegfried Rivera to discuss why a preventive maintenance plan is a critical aspect of any association’s operation.

click on the picture below and watch the video. or click here.

Disclaimer: This video is for educational purposes only. You will not receive credits for watching the recording. Credits were issued only to those that attended the course.

brought to us by, Campbell Property Management

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