Fernanda Siqueira, who lives in a two-bedroom unit just a few blocks from what was Champlain Towers South, said her building, built less than two decades ago, is in need of significant repairs, some of which are currently underway. Nine years after purchasing her condo in 2009, she was assessed a $20,000 fee — $350 a month.
“It’s the hidden costs of buying into a condo,” she said.
And there are other complications: Soon after last month’s collapse, a number of insurance providers sent letters to condo owners demanding that they submit proof that their buildings had passed inspections, The Miami Herald reported.
Insurance on buildings and individual units had already been a problem vexing older beachside condo complexes, as they have grappled with the recurring threat of hurricanes and tropical storms as well as the effects of climate change. Insurance companies have pulled back in recent years in their willingness to cover…