I live in a 430 unit condo association in Floida. I was informed today by a fellow unit owner that our board voted for special assessments for the last 3 years to cover our building insurance. Now, since this year is a major election year we were not having a special assessment, however they used money from the $90k that the board told us had saved in case of a major increase in our water bill. I believed they increased our maintenance fee by $30, to cover the increase. Should insurance be under an operating expense? Also, we have hardly no reserves if a major problem arises. Is this legal? If not, what can I do.
