The bill amends section 553.899 of the Florida Statutes to introduce the concept of a "structural integrity reserve study," which is defined as a study aimed at estimating future maintenance, repair, and replacement costs for common elements in condominium buildings. Condominium associations governing buildings that are six stories or taller are mandated to conduct this study, while those managing buildings five stories or shorter are exempt from this requirement. However, associations of shorter buildings may choose to waive or reduce reserve contributions through a majority vote of their members.

Additionally, the bill includes provisions for milestone inspections of condominium buildings, specifying that phase one must be completed within 180 days of notification to the owners. It outlines the responsibilities of licensed architects or engineers in conducting these inspections and the conditions under which a phase two inspection is required. The bill also clarifies that previous inspection reports may be accepted under certain conditions, and it establishes a timeline for subsequent inspections based on prior reports. The act is set to take effect on July 1, 2025.