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Title: MPR-Fintra Unveils Initiative To Help Florida Condominiums to Gain Relief from Rising Insurance Costs

Delray Beach, Florida, United States, 9th May 2024, King NewsWire - MPR-Fintra, Inc., a pioneering insurance broker based in Delray Beach, has announced the development of a new reciprocal insurance company dedicated to condominium associations across the state. This initiative is poised to bring substantial relief to condo owners who are currently facing prohibitive insurance premiums.Donald Cleveland, President of MPR-Fintra, Inc., expressed his concern about the situation, stating, “Condominium associations, particularly in older communities with a high population of retirees, are severely impacted by the unchecked rise in property insurance premiums. It's reached a point where many residents fear they might have to forfeit their homes if nothing is done to control these costs.”The new company is being developed under a specific provision of the Florida Insurance Code, which allows policyholders to band together to form a reciprocal insurance entity. This structure not only resembles a mutual company but also grants policyholders more direct control over their insurance operations. Details about the formation and operational strategy of the new insurance entity can be found on the recently launched website at www.condoinsurancefla.org."By establishing their own insurance company, condominium associations will gain access to more reasonably priced property insurance. This could be a game-changer for many Floridians who are currently struggling with unsustainable costs," Cleveland added.The new insurance company is expected to have lower internal costs compared to traditional insurers, as it eliminates the need to pay dividends to shareholders. Instead, profits can be reinvested into the company for the benefit of the policyholders, potentially leading to further reduc...

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