Florida Condo Owners Consider Self-Insurance Some Florida condominium owners are turning to self-insurance to avoid high rates.The Palm Beach Windstorm Self Insurance Fund is seeking state regulatory approval to insure 50 condominium buildings in Palm Beach County.The fund will operate as a nonprofit, mutual company. It will collect premiums from the condo owners, hold them in reserve and use them to buy reinsurance. The mutual company’s rates will be about 25 percent less than those of the state insurer of last resort, Citizens Property Insurance Corp.The fund will insure only condos at the lowest risk of major damage: buildings of concrete and steel. Condos also will have to agree to a 5 percent deductible.
In other parts of the state, the Continental Group, which manages 1,200 Florida buildings, has also developed a self-insurance fund and is hoping to launch soon.
Source: The Palm Beach Post, Randy Diamond (10/11/2007)
No comments:
Post a Comment