Florida

Florida's property insurance market is in crisis, with soaring premiums and limited coverage options. Causes include high disaster risk, rising reinsurance costs, insurer exits, rampant fraud, and aging infrastructure. Homeowners face unsustainable costs, investors see reduced profitability, and potential buyers are deterred. Comprehensive solutions are urgently needed to stabilize the market and ensure affordability.

Florida's condo market is in a crisis. We delve into the factors driving the upheaval, including soaring HOA fees, spiraling insurance premiums, and rising property taxes. Understand the broader implications for condo owners and potential buyers, and discover why market conditions are making condo sales increasingly challenging.

In a landmark move, the National Association of REALTORS® (NAR) and plaintiffs have agreed to a tentative settlement aimed at resolving a series of lawsuits concerning the traditional structure of broker commissions. This agreement, expected to take effect in mid-July 2024, has piqued the interest of both industry insiders and the general public, as it represents a pivotal shift in the real estate sector.

The registration deadline for Florida Senate Bill 264 (SB 264), which places restrictions and registration requirements on the ownership and interests of real property in the state of Florida by individuals or entities from certain foreign countries is approaching. The deadline to register real property held by individuals or entities purchased before July 1st, 2023 in Florida that fall under SB 264 is December 31st, 2023.

Citizens Property Insurance is continuing its efforts to move policies to private insurance companies in order to reduce exposure to risk, as the state-backed Florida insurer was never intended to carry the number of policies it currently holds.

The 2023 Florida Legislature has extended the Hometown Heroes program with an additional $100 million, effective from July 1, 2023, expanding eligibility and increasing the maximum loan amount. Eligible first-time homebuyers with a minimum credit score of 640 and earnings less than 150% of their area's median income can apply for the program to receive up to $35,000 in down payment assistance.

Florida's Senate Bill 264, the "Interests of Foreign Countries" law, passed with overwhelming support. It restricts certain foreign individuals/entities from buying Florida properties, based on specified conditions. It bars foreign principals from acquiring agricultural land or having significant indirect interests.

Choosing the right title company / closing agent is one of the best ways in which you can minimize your problems at the closing table. The closing agent is the person who coordinates all the transactional details of the closing and as such plays a crucial role in real estate transactions by ensuring the validity and security of property ownership.

Citizens Insurance is shifting up to 26K policies to private firms in order to manage its growing customer base. The move aims to mitigate financial risks, especially from major hurricanes, and comes as a new law requires policyholders to accept private offers within 20% of Citizens' rates.

Florida Governor DeSantis has approved a bill allowing landlords to offer tenants the option of paying monthly fees in lieu of a security deposit. Advocates believe it provides relief to tenants facing steep rental costs by eliminating large upfront sums. Critics, however, express concerns over the lack of an upper limit on these fees and the non-refundable nature of the payments.