Under past laws and regulations, Florida condo associations could vote to waive their reserve contributions. In the years since the tragic Surfside condominium collapse, state and local governments have recognized this as a major oversight and have taken proactive steps to enhance building safety legislation significantly. Starting on December 31, 2024, associations may no longer waive their reserve contributions, and maintaining reserves is mandatory for all condominium and cooperative association buildings that are three stories or taller. Read more in our SIRS coverage here.