Property owners who opt to purchase flood insurance in the private market rather than through the National Flood Insurance Program (NFIP) may do so under current rules, but they may be charged higher rates if they want to return to NFIP coverage. But there's hope for a change: H.R. 2901, the "Flood Insurance Market Parity and Modernization Act," unanimously passed the U.S. House of Representatives Thursday. It now goes to the Senate for consideration. If approved by the Senate, it then needs … [Read more...]
Florida Consumer Advocate Questions Citizens’ Rate Hike
TALLAHASSEE, Fla. – Sept. 3, 2015 – Florida's new insurance consumer advocate wants Insurance Commissioner Kevin McCarty to "strongly consider" the large amount of reinsurance purchased by the state-backed Citizens Property Insurance – and to do it before the Florida-owned firm makes a decision about its requested 3.2 percent rate hike. Consumer advocate Sha'Ron James also asked McCarty in a letter Monday to review Citizens' debt financing and water-loss claims before setting rates for … [Read more...]
Erika Steams Toward Possible Test of Florida’s Unproven Insurers
PALM BEACH COUNTY, Fla. – Aug. 27, 2015 – Erika stuck her projected cone into South Florida's business Wednesday, threatening to bust up a peaceful decade without landfall by a hurricane and prompting the state's top insurance official to urge readiness. "With the possibility of Erika's impact to South Florida, I would like to strongly encourage residents in those areas and across the state to begin making preparations now and to have a plan in place for their family and pets," Insurance … [Read more...]
Second Homes – Flood Insurance Increases
Bill Protects Second Homes from Flood Insurance Increases WASHINGTON – July 8, 2015 – Reps. Patrick Murphy (D-Fla.) and Carlos Curbelo (R-Fla.) want to extend a law that limits annual flood insurance premium hikes. The law currently covers owners of Florida primary residences, and the lawmakers want it to also cover owners of second homes and rental properties. While a number of Florida homeowners and investors would hail passage, however, its eventual passage is a long shot. The … [Read more...]
FLOOD INSURANCE UPDATE – Useppa Island Real Estate
Important Flood Insurance Update Information for Southwest Florida Hurricane Katrina and Super Storm Sandy had devastating impacts on commercial and residential properties that effected hundreds of thousands of businesses and households. Both storms caused significant flood damage, exposing several deficiencies in the Federal Flood Program managed by FEMA. The public scrutiny lead to significant changes in certain local flood mapping, which lead to significant rate increases. This lead to … [Read more...]
Gubernatorial Candidates Split on Approach to Florida Property Insurance
With the upcoming election, candidates split on approach to Florida property insurance. TALLAHASSEE, Fla. – Oct. 9, 2014 – The cost of property insurance is a major issue to many Florida homeowners and Realtors. A hurricane hasn't hit the state in nearly nine years, but that hasn't dampened property insurance rates. The two candidates for governor facing a November election, Republican Rick Scott and Democrat Charlie Crist, approach the property insurance problem differently. The state has … [Read more...]