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Self-Insurance Eyed for Condo Groups
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Published: November 21, 2007
NEW PORT RICHEY, Fla. - NEW PORT RICHEY, Fla. - The sky seemed to be the limit for condo association insurance rates in recent years, says state Sen. Mike Fasano.
Private companies began dropping the condo associations like hot potatoes. The state-run Citizens Property Insurance was forced to take over policies as the last resort.
In one case, a group of condo residents watched premiums go up from $17,000 a year to $70,000 a year, Fasano recalled. Tenfold increases weren't uncommon, Fasano said.
So, Fasano, a New Port Richey Republican, is hailing the first condo self-insurance pool to help give residents a break. Potential savings might be 20 percent to 35 percent, he estimates.
"The good news is there (are) four more self-insurance pools ready to be approved" by state regulators, Fasano reports.
Condo residents could gain several insurance options rather than Citizens Property as the only option.
The Continental Group won approval for the state's first Community Association Self Insurance Fund. Benefits include three years with 80 percent of the premium at a fixed rate.
The CAM Self Insurance Fund, a nonprofit corporation, manages the fund while AON Risk Services of Florida serves as the Continental Group's marketing partner for the fund. The CAM Self-Insurance Fund is backed by reinsurer Berkshire Hathaway and the Florida Hurricane Catastrophe Fund.
"By joining with other associations in the Self Insurance Fund the potential for savings is great," Fasano remarked.
"As the state's largest residential property manager, we faced for the past few years a constant barrage of pleas from our clients experiencing skyrocketing insurance costs," Stephan Titleman, president of Continental's Property Management Division, said in a press release.
To learn more about the CAM Self Insurance Fund, community associations can call the Continental Group at 954-926-2635.
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