True Property Inspections services the Central Florida area, which includes: Brevard, Citrus, Volusia, Hernando, Hillsborough, Lake, Orange, Osceola, Pasco, Polk, Seminole, and Sumter.
Florida Senate Bills 4D and 154 mandate that associations with buildings of three stories or more must conduct a Structural Integrity Reserve Study (SIRS) every decade.
For those associations in existence on or before July 1, 2022, and under unit owner control rather than the developer, the initial SIRS must be completed by December 31, 2024. Associations required to complete their Milestone inspection by December 31, 2026, have the option to conduct their SIRS simultaneously.
The SIRS evaluates the current condition of the community's building components, remaining life, and the projected cost of future repairs and replacements. Based on this assessment, the SIRS establishes an annual reserve deposit schedule, designed to cover the replacement costs of each building component with a remaining useful life of 25 years or less. These costs are distributed over each component's estimated remaining lifespan as annual deposits, ensuring full funding by the time component replacement becomes necessary.
Funding specified in the SIRS report is designated for key structural components of the building, requiring separate budgeting from the association's non-structural components. Furthermore, this funding must exclusively be utilized for the components outlined in the report.
Association budgets adopted after December 31, 2024 must incorporate the funding outlined in the SIRS. Board members will no longer be allowed to waive or reduce funding for these structural items. It is mandatory that these funds be allocated to the specified structural components, with no option to divert them for other purposes through board voting. SB 154 removed the requirements for floors and foundations to be included in the SIRS report.
In our SIRS report, you'll find a comprehensive overview that includes: