Imagine moving into your dream condo with manageable HOA dues — and within two years, those monthly payments quadruple. That's the reality facing residents at Winter Park Woods in Florida, where HOA fees jumped from around $400 to over $2,000 per month.
It's a staggering increase that's pushing some owners to the brink — financially and emotionally. Many are asking: How did this happen? And perhaps more importantly, could it happen to me?
In a recent FOX 35 interview, insurance and risk management expert Karl Susman explained what's really behind the surge in HOA costs — and why this isn't just a Florida issue. It's a nationwide wake-up call for condo owners, board members, and insurers alike.
The sharp rise in HOA fees isn't random. It traces back to the tragic Surfside condominium collapse in June 2021, which claimed 98 lives and exposed deep structural and regulatory failures in how condominiums were maintained and insured.
In response, Florida passed sweeping reforms — most notably Senate Bill 4-D, which requires condo associations to:
Conduct milestone structural inspections every 10 years (or sooner for older buildings).
Maintain fully funded reserve accounts for major repairs.
Provide transparent reporting to owners and the state.
Previously, many HOAs operated on "pay-as-you-go" budgets, postponing expensive projects or underfunding reserves to keep monthly dues low. Those days are over.
Susman explained the result succinctly:
"The inspector comes out and says, 'We have to shear the building up, do structural upgrades, and improve weather resistance.' Then the HOA is basically forced to go forward — and that means a lot of money."
In short, the Surfside tragedy reshaped the economics of condominium ownership. Deferred maintenance and underfunded reserves are no longer legally or morally acceptable.
At Winter Park Woods, fees increased over 400% in two years. Similar stories are emerging across Florida and other coastal states.
There are several compounding reasons:
