GULFPORT, Fla. — From skyrocketing insurance costs to hefty monthly fees, condominium owners in the Tampa Bay area are feeling the pinch, some even saying it could force them out.
At Town Shores of Gulfport, a 55+ community, more than 100 residents met with a panel of experts Tuesday afternoon to discuss what can be done to help.
“I need explanation of why the insurance premiums went so high,” Dales Richardson said, sharing the frustration of many of his neighbors. Richardson says his monthly costs have more than doubled in recent years.
“It's really difficult, especially for a lot of the homeowners in here, because it's 55 and older. And so if you're on a fixed income, or even if you're not it's difficult,” said Kim Morwood, who lives in the community.
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Condo associations are facing a two-fold issue, the rising cost of insurance premiums and changes to state law making associations shore up necessary reserve funding in the wake of the Surfside condo collapse.
Some associations are playing catch-up. Town Shores is in a better boat in the reserve funding regard, but just getting insurance proves to be another hurdle.
The community is made up of 50-plus-year-old buildings on the water which the community’s insurance agent says makes finding coverage outside of the state-backed Citizens Property Insurance difficult.
State lawmakers believe reforms made during recent legislative sessions will, in time, have a positive impact on the market.
“The market is trying to react to that, but at the end of the day folks are still getting these significant increases in their premiums,” said State Senator Nick DiCeglie (R-Pinellas County), one of the panelists Tuesday.
DiCeglie also discussed the expansion of a state program that could help condo owners with some of their costs.
In the coming weeks, Gov. Ron DeSantis is expected to sign a bill that would expand the My Safe Florida Home Program, allowing condo associations to take part for the first time.
The program was reintroduced in 2022, giving homeowners free inspections and then matching grants up to $10,000 for home hardening repairs.
“Anytime we talk about storm resiliency and new storm-resistant doors that’s going to translate to credits for the insurance company and lower premiums,” DiCeglie said.
According to state data, about half of the program’s participants in 2023 reported lower insurance premiums. The condo version of the program is just a pilot, where associations could get up to $175,000 for repairs out of the $30,000,000 set aside. Associations will need 100% approval from members to begin the application process, and that money could run out quickly when it launches in July.
The existing program was re-funded three separate times by lawmakers after the money was used up.
"We want to just get a good sense of what works and what doesn’t work so we can make adjustments and certainly be on the lookout in 2025 for an expansion of this pilot program,” DiCeglie said, adding the state is looking to gather data on what works before opening it up to more funding.
The program for single-family homeowners will also open up in July with changes over what applications will be prioritized.
The MSFH program says applications will be accepted and prioritized in 15-day increments.
- Low-income homeowners age 60+ – July 1 – July 15th
- Low-income homeowners of any age – July 16th – 30th
- Moderate-income homeowners age 60+ – July 31st – August 14th
- Moderate-income homeowners of any age – August 15th – 29th
- All other eligible Florida homeowners – August 31st
For more information about the program, click here.
Residents say in the meantime, more fixes to the shaky insurance market are crucial moving forward.
"It is something they need to be working on and it needs to be a top priority," Morwood added.