New condo law benefits buyers and owners in Florida July 07, 2010 Home Property News There are 274 new laws on Florida’s books that went into effect on July 1. But there is just one that means the world to buyers and owners of condos. The condo law tied to Senate Bill 1196 is massive. However, two provisions make it easier for buyers and owners of condos: 1. Buyers can purchase multiple units without incurring great costs. 2. Owners don’t have to show proof of insurance. Under the new law, condo buyers can purchase seven or more units at once without taking on the costs of the developer. And when it comes to individual unit insurance, the state is no longer requiring condo owners have it. But that doesn’t mean that condo boards or lenders won’t require hazard insurance. These are two of the empowering laws for potential condo owners and buyers.