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In written testimony submitted for a hearing before the Senate Banking Committee’s Economic Policy Subcommittee, R.J. Lehmann, Deputy Director at The Heartland Institute’s Center on Finance, Insurance, and Real Estate contends the NFIP is “not sustainable for an additional two years as it is currently constituted.”
Florida homeowners purchasing their flood insurance through the National Flood Insurance Program (NFIP) may find their insurance rates increasing next year. According to the South Florida Sun Sentinel, around 2 millions households with NFIP policies could see a rate increase of around 5 percent in the fall. The National Flood Insurance Program, the national flood [...]
A new editorial in the Weekly Standard by Eli Lehrer argues that there are many features of pet insurance that are highly desirable in human health care and that could serve as a model for the future, but it isn’t perfect.
The issue of extending and reforming the National Flood Insurance Program continues to stall in Congress. While the U.S. House version of a reauthorization bill passed in July 2011 by a significant margin, the bill has yet to get a floor vote in the U.S. Senate. Sen. David Vitter, R-La., sponsor of a five-year extension [...]
Anyone who has ever been involved in an automobile accident knows that one of the most important components of the claims process is the accident report police file on the incident. How these reports are worded can make a huge difference in how an insurance company will respond to the claim. Given the important role [...]
Making homeowners’ insurance affordable in coastal areas is a problem that continues to plague both legislators and homeowners. In Florida, where the risk from windstorms is the highest, the issue is magnified even more. The state run-insurer Citizens Property Insurance Corp. and state-run reinsurer, the Florida Hurricane Catastrophe Fund, have grown substantially over the last [...]
The bill’s sponsor, Rep. Jimmy Patronis, argues that FEMA’s concerns have already been satisfied. Others are not so sure.
As in all states with significant hurricane risks, windstorm coverage is expensive for people in Florida. In an attempt to bring down the costs of this coverage, Florida’s Legislature in the early 1990s established the Florida Hurricane Catastrophe Fund, a massive government-owned reinsurance entity. All private insurers operating in the state are required to buy [...]
While the National Flood Insurance Program remains a flawed entity plagued by debt and mismanagement, simply eliminating it altogether would be disastrous for consumers and the real estate market. New reforms that alleviate some of the NFIP’s problems while giving the government insurer more financial flexibility is a sound intermediate step in fixing the nation’s [...]
Efforts to combat auto insurance fraud in Florida took a positive step forward with the personal injury protection reform bill which recently passed through the state legislature and is now awaiting Gov. Rick Scott’s signature. Auto fraud has been a nagging problem for Florida consumers and insurance companies, as staged accident and unscrupulous doctors and [...]
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