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 [...]
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Windstorm Insurance
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 [...]
Once again Florida has gone through a legislative session without addressing the many potential problems created by Citizens, its state-run windstorm insurer and proverbial 10,000 pound gorilla in the room. Since its inception, Citizens the so-called state-run insurer of last resort has become anything but, it is now the largest windstorm insurer in the state, [...]
Florida has been walking the tightrope with its windstorm insurance policies for years. Ever since Hurricane Andrew hit Florida in the early 1990s, the state has relied heavily on two state-run entities to insure and manage the states windstorm risk. Both the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation, the state’s windstorm reinsurer [...]
Property and casualty insurance is an issue which promises to permeate the next legislative session in Florida. From auto to homeowners insurance, the Florida insurance system is in dire need of reform. High rates, bad financial planning for state insurance programs and poor land management are systemic issues that the current laws on the books [...]
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