What is SIRS and its importance for your Florida condominium
Have you ever wondered how your condominium stands the test of time, especially in Florida’s tropical climate? How do you ensure its structural integrity remains intact, providing all occupants a safe and secure environment? A specialized Structural Integrity Reserve Study (SIRS) evaluation uncovers the solution.
In this article, we’ll unravel the specifics surrounding SIRS, shedding light on their significance and critical role in maintaining your property’s long-term health.
Condominiums at least three stories in height must follow the updated guidelines outlined in Florida’s Condo Safety Bill. The SIRS assessments will be repeated every 30 years to maintain compliance.
A breakdown of the eight elements evaluated
This reserve study identifies eight structural components and allocates them individually. An agreement or board vote cannot exempt the allocation of repair funds; collecting them following the replacement schedule is recommended. These funds can solely be utilized for their designated purpose and are not eligible for pooling.
The SIRS structural components:
- Roofing
- Structural systems
- Fireproofing & fire safety
- Exterior painting & waterproofing
- Plumbing
- Electrical systems
- Windows & exterior doors (dependent on governing documents)
- Other elements over $10,000 that impact the structural integrity of the building
Related resource:
What is a Milestone Report, and why does your Florida condominium need one?
Dates and deadlines to keep in mind:
On December 31, 2024, it is necessary to conduct Structural Integrity Reserve Studies (SIRS) to ensure compliance.
To summarize, a Structural Integrity Reserve Study is a critical tool for condominium associations to ensure long-term maintenance, financial stability, and the overall well-being of the property and its residents. It helps provide a sense of security and safety for all the residents, helps avoid financial burdens, and ensures compliance with legal and regulatory requirements.
Looking for support for your Florida condominium association?
If your association is struggling to navigate the new mandates under new condominium legislation, our expert team at Condominium Advisory Group can assess and recommend the best course of action for your condominium community, whether that be undergoing a deconversion, receivership, construction, and advice on how to handle Florida SB 4-D Building Safety Law.
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