FEMA nixes community flood insurance; GAO agrees (8/25/2016)
The government oversight office agreed with a FEMA report that it’s not wise to create community-based flood insurance policies. Under the plan, all residents would have been covered and paid for flood ins. through taxes or utility bills.
Will property ins. protect you if the Big One hits? (8/22/2016)
While Fla. hasn’t had a major hurricane in 11 years, that also means many of the state’s newest property insurers haven’t been tested yet. However, most experts agree: Everything should be fine.
Citizens pitches rate hike as water claims rise (8/19/2016)
State-backed Citizens Property Ins. urged regulators Thursday to approve an average 6.8% rate hike to cover water-damage claims. A Sept. ruling is expected.
What do you do if floodwater rises unexpectedly? (8/17/2016)
The floods in Louisiana came without warning, spurring FEMA to issue homeowner guidelines on steps to take before and after floodwaters enter your home.
S. Fla. insurer withdraws 8.1% rate-hike request (8/12/2016)
Universal Property & Casualty – now larger than Fla.-owned Citizens – isn’t asking for an increase this year after state regulators looked into the request.
What is ‘prompt’ notification of insurance claims? (8/9/2016)
A condo landlord didn’t discover mold for three years, so Citizens denied her claim. But a court ruling says “prompt” notification can’t be a hard-and-fast rule.
Two senators urge broad flood insurance reform (8/4/2016)
They say FEMA upgrades were too-little, too-late after super storm Sandy, and the U.S. should cut property ins. “middlemen” and offer policies directly to owners.
Citizens Ins.: New take-outs OK’d but numbers rising (8/3/2016)
Private insurers received approval to take more than 40K policies from Fla.-owned Citizens, but fewer actually leave and total Citizens policies likely to go up.
National flood insurance program expires in Oct. (7/5/2016)
While it’s unlikely that the national flood insurance program will go away, lawmakers will also consider changes that could again send coverage costs higher. NAR suggested possible solutions before a U.S. Senate committee last week.
Can anything be done about higher insurance costs? (6/16/2016)
Homeowners’ attorneys, water restoration companies, insurance agents and public adjusters met yesterday to discuss the rising cost of Fla. property insurance. Leaders hope the discussion’s reasonable tone leads to some kind of consensus.
State flags assignment of benefits restrictions (6/9/2016)
Fla.-owned Citizens was granted permission to limit Assignment of Benefits policy coverage, and private insurers quickly asked for the same right. But some requested more restrictive changes and the state turned them down.
Florida names new insurance commissioner (5/2/2016)
David Altmaier could significantly impact Fla. homeowners over the next few years as he tries to keep property insurance costs reasonable but insurers solvent.
Flood insurance solution takes big step forward (4/29/2016)
The U.S. House passed a bill that makes it easier for owners to get private flood insurance or return to national coverage without penalty. It now goes to Senate.
Freddie: Climate change a concern for housing (4/28/2016)
Property insurers consider many statistics to calculate rates, and a Freddie Mac suggestion to also include climate change could alter some owners’ coverage.
Mitigation key for flood program reauthorizations (4/7/2016)
We should prepare for floods rather than make repairs later – and figure out how to do it without more gov’t money, says Florida Realtors Pres.-Elect Maria Wells.
Citizens says private insurers plan to drop coverage (3/17/2016)
The Fla.-owned insurer claims that private firms will move 24K policies back into Citizens because the Fla. Legislature ignored assignment-of-benefit abuses.
U.S. responds to flood insurance cost complaints (3/11/2016)
A report on flood insurance looked at ways to help cut skyrocketing costs, but the top suggestion – a discount based on the owner’s income – isn’t easy to do.