Florida high-rise condo owners feel financial pinch with rising HOA fees and insurance costs

High-rise condos in Florida are feeling the financial squeeze with new structural mandates and rising insurance costs; now, individual condo homeowners with Citizens Property Insurance have to get flood coverage for their units, even if they’re 10 stories above ground. Mike Steurer lives in a 14-story high-rise condo just before the Skyway tollbooth in St Petersburg. “We are on the 10th floor, and I’m being told I've got to have flood insurance,” Steurer exclaimed to ABC Action News Reporter Stassy Olmos. “To me, that doesn't make a lot of sense paying for a product that I'll never need, being that high up.”