Reserves

Good afternoon,
I currently live in Florida, and my condo does not have reserves. To my understanding the law states it’s is mandatory. Can someone please confirm if this is true and when it became mandatory.

Just a couple comments:

In the aftermath of the Surfside condo collapse, the state legislature has been looking hard at condominium reserves in general. It wouldn't surprise me to see stricter requirements become mandatory in the near future.

Insurers have been raising premiums and pulling out of some markets altogether, leading to an increase in the number of "high deductible" policies for HOAs and condo associations. One proposed method of dealing with the potential need to come up with a large deductible on short notice is to make the deductible a reserve item. I haven't heard of any lawmakers or association attorneys who've have commented on this approach, but continuing challenges with insurance markets will lead to more creative thinking on the part of the insured. If an association has no reserves, this option is off the table.