Sample report — illustrative only. Fictional Florida property used for demonstration.

Sample report — Florida

Bayshore Tower, Tampa, FL

92-unit oceanfront mid-rise, built 1998

Overall riskElevated

SIRS funding is roughly half of the engineer's recommendation, the Phase II milestone scope is open, and the master policy carries a 5% named-storm deductible against limited reserves. The estoppel certificate is clean — but the discussion of a roof-replacement assessment lives only in the November 2025 minutes.

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Key findings

Florida-specific findings

Elevated

SIRS Report, p. 7 + Operating Budget, line 42

SIRS funding ratio at 50% of engineer's recommendation

What we found: SIRS recommends $187,000/year. Current budget allocates $94,000 — roughly 50% of the recommendation. Cumulative shortfall since the 2023 study is approximately $279,000.
Why it matters: Under HB 1021 (2024) reserves for structural items can no longer be waived. At this pace the association cannot fund SIRS-mandated repairs from reserves alone — a special assessment within 24–36 months is highly likely.
What to ask: Has the board adopted the SIRS funding plan? When does the contribution gap close, and what's the special-assessment trigger if the gap persists?

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Elevated

Meeting Minutes 2025-03-14, p. 4

Milestone Phase II authorized but no engineer retained

What we found: Phase I Milestone Inspection completed February 2025. Engineer recommended Phase II evaluation of waterproofing and column-to-deck connections. Phase II has been authorized by the board but no engineer is currently under contract.
Why it matters: Unresolved Phase II findings are the most common precursor to a major repair-driven special assessment in post-Surfside Florida — and a financing risk while open.
What to ask: When will Phase II commence? What's the scope, expected cost range, and funding source if findings require repair?

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Moderate

Master Policy Declarations, line 12

Wind deductible creates $1.2M owner-allocable exposure

What we found: Master policy carries a 5% named-storm deductible against $24M of insured value. The association is responsible for the first $1.2M before insurance pays. Loss-assessment provisions allocate that pass-through to unit owners.
Why it matters: Reserves are insufficient to absorb the named-storm gap. A storm loss would translate directly into a loss-assessment allocation across owners — and your HO-6 carrier needs to size loss-assessment coverage to match.
What to ask: Does my HO-6 policy carry adequate loss-assessment coverage? Has the board issued a recommended individual coverage level?

Concerned about this finding on your documents?

Moderate

Meeting Minutes 2025-11-21, p. 3 + Estoppel Certificate 2026-04-15

Special assessment under board discussion — not on estoppel

What we found: November board minutes record discussion of a $640,000 roof replacement and a per-unit special assessment of approximately $5,200. The vote was tabled pending additional contractor bids. The April estoppel certificate is clean — the assessment has not yet been formally levied.
Why it matters: Florida estoppel certificates capture only formally-levied amounts. Pending board discussions don't appear until voted. Minutes are where assessments form before they become binding.
What to ask: What's the timeline for the next board vote on the roof project? Are bids in hand or still outstanding? Will the seller share post-vote correspondence?

Concerned about this finding on your documents?

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