Insurance & Hurricanes |

Hurricane & Storm Damage News

Florida Struggles with Hurricane Insurance Regulations

RSS News Feeds
Insurance Fraud
Hurricane & Storm Damage
FEMA
Flood Insurance
Hurricane Claims
Hurricane Insurance
Windstorm Insurance
 All RSS Feeds

At a glance:

Hurricane insurance is a big problem in Florida; many companies are reluctant to assume the risk, and the ones that do, charge premiums that many cannot afford.
 
To remedy this, Florida created the Citizens Property Insurance Corp., as an insurer of last resort.
 
Legislation is now under debate that would adjust the amount of surcharge that people with private insurance must pay to reduce Citizens' deficit.
 
The proposal is to limit this surcharge for people whose primary residences are in Florida, and impose a 25 per cent surcharge on those with vacation homes or more than one residence in Florida.
 
There is also to be a cap on the value of a home in order to be eligible for Citizens' coverage but the amount is still under debate.

Fla. Lawmaker Unveils Hurricane Insurance Surcharge Plan

Insurance Journal - 3/22/2006 8:48 AM

Owners of vacation and second homes would be slapped with a 25 percent surcharge on policies obtained from the state's insurer of last resort under a proposal unveiled by a Senate committee chairman.
 
That's one of many ideas that Banking and Insurance Committee Chairman Rudy Garcia presented to the panel. The Miami Republican's plan is designed to stabilize insurance rates, reduce the state's role in providing coverage and encourage private insurers to ex
 
· Read The Full Hurricane & Storm Damage Article From Insurance Journal -->

· Read All Hurricane & Storm Damage News Stories -->

Comments On Hurricane & Storm Damage News Articles:


No Current Comments
Posted by Admin on 3/20/2006

There are no current comments. Why not post one?

Leave a Comment:

Once you click the 'Save Comment' button, you will receive a verification email from our website. Be sure to change any spam settings to allow webmaster@lawsuitsearch.com as a trusted sender.
 
If you are already a member, you can Sign In Here.
 
You can create your own FREE user account that you can use to participate in our message boards, blogs, newsletters and other community activities such as this one. To get your FREE user account, click here.

Email Address:

Your Name:

Message Title:

Message: