Legal Question in Insurance Law in Florida
Homeowners Insurance
I want to start an insurance fund where all members contribute 2.0% of thier homes value as a prepaid deductable (refundable with no claims when property is sold) If a member makes a claim they forfeit thier deductable and then all members in the group contribute to cover the remaining cost. The group administartor would have to charge a small percentage (0.25%) of the homes value to cover admin cost. Can I do this legally in Florida?
Asked on 10/17/07, 4:38 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Homeowners Insurance
Nope -- not without complying with the significant and detailed regulations that would qualify you as an insurance company or an insurance cooperative.
Answered on 10/17/07, 4:49 pm
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