CS/HB 959 - Residential Properties Summary

• Requires unit owner residential property insurance policies to include minimum $2,000 loss assessment coverage with deductible not exceeding $250, and mandates excess coverage provision stating the policy is secondary to other coverage for the same property.

• Exempts condominiums, cooperatives, and multifamily buildings less than four stories with exterior corridor egress from manual fire alarm system installation requirements under the Florida Fire Prevention Code.

• Removes requirement for condominium boards to hold open meetings with unit owners to establish insurance deductibles; authorizes associations to restrict common area facility use for owners delinquent on fees by more than 90 days.

• Allows condominium associations to demand that tenants in delinquent owner units pay rent directly to the association, with tenants receiving legal protection against eviction or suit by the unit owner for complying with such demands.

• Repeals requirement for alternate power source elevators in multifamily dwellings and condominiums; extends fire sprinkler system retrofit deadline for high-rise building common areas to end of 2019.