On June 23, 2025, Governor Ron DeSantis signed House Bill 913 (HB913) into law, introducing major updates for condominium and cooperative associations across Florida. While HB913 covers reserve funding and transparency, one of the most impactful changes involves new insurance requirements designed to strengthen oversight and protect property owners.

Why HB913 Matters

HB913 was crafted in response to the financial and safety challenges that followed the Surfside condominium collapse in 2021. Previous legislation tightened inspection and reserve mandates, which caused rising assessments and insurance costs across the state.

The goal of HB913 is to balance safety with affordability, giving associations more flexibility while ensuring continued accountability and oversight from state regulators.

Insurance Requirements Under HB913

Florida’s new condo insurance rules introduce three key mandates that associations must follow.

1. Independent Insurance Appraisal Every 3 Years

HB913 requires an independent insurance appraisal at least once every three years. To calculate the proper coverage amount, associations must use a “competent model” for hurricane loss projection approved by the Florida Commission on Hurricane Loss Projection Methodology.

This ensures that coverage amounts reflect realistic replacement costs and current hurricane risk data, protecting associations from underinsuring their properties.

2. Full Insurance Value or Replacement Cost Coverage

Associations must now carry insurance that covers the “full insurance value” or replacement cost of their buildings.

This means policies must be sufficient to rebuild or fully restore the property after a covered loss — not just pay out a depreciated value. By enforcing this, the law helps protect condo owners from gaps in coverage and ensures that post-storm repairs are fully funded.

3. Non-Surplus Carrier Requirement

HB913 also prohibits associations from relying on surplus lines insurers, which are typically less regulated and may apply out-of-state laws.

Instead, policies must be reviewed and approved by the Florida Department of Insurance, ensuring that coverage is provided by admitted carriers subject to Florida’s consumer protection laws and regulatory oversight.

This step enhances transparency and strengthens financial security for condo and co-op communities.

What Boards and Owners Should Do Now

Review Existing Policies

Boards should immediately review current insurance coverage to confirm it meets the full-value and replacement cost requirements and is underwritten by an insurer regulated by the Florida Department of Insurance.

Schedule Independent Appraisals

Under HB913, an independent insurance appraisal must be completed every three years. The Godbey Giardina Law Group can assist associations in reviewing and documenting compliance with these new mandates.

Prepare for Budget Adjustments

These new insurance requirements may impact association budgets and assessments. Boards should prioritize transparency and communication with owners when discussing policy changes and cost implications.

Conclusion

HB913 reinforces Florida’s commitment to safe, financially stable condominium and cooperative living. By mandating full-value insurance coverage, independent appraisals, and state-regulated carriers, the law helps ensure that associations are prepared for future storms and unexpected losses.

Condo and co-op boards should act now to review coverage, budget for appraisals, and stay compliant—protecting both their communities and their long-term financial health.