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Hurricane Irma caused substantial damage from floods or rising water and renewed attention to the coverages and limitations of traditional homeowners’ insurance policies. Although existing Florida law requires a disclosure in homeowners’ policies informing policyholders of their potential need to consider buying flood insurance, the Florida legislature decided to expand this disclosure in the 2018 […]
Insurance Commissioner Kevin McCarty has requested that the Federal Emergency Management Agency (FEMA) provide data relating to how the National Flood Insurance Program (NFIP) sets rates. McCarty has commented that even without seeing the data, it appears that the NFIP’s rates would not satisfy the Office of Insurance Regulation’s standard that rates not be unfairly […]
Kevin McCarty, Office of Insurance Regulation, Florida Commission on Hurricane Loss Projection Methodology, Insurance Regulation News, National Flood Insurance Program, flood rates
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
The Florida Senate has been advancing a bill intended to increase private market interest in making flood insurance coverage available to Floridians. However, in light of the complexities of the issue, some Senators are suggesting that recent substantial revisions to the bill should be sent back to the Banking and Insurance Committee for further review. […]
The Senate Banking & Insurance Committee has advanced a bill intended to encourage private market flood coverage in Florida. The bill would allow insurers to offer flood coverage as stand alone policies or as endorsements to existing policies. At a minimum, the flood policies would have to include the deductible options available from the National […]
Kevin McCarty, Office of Insurance Regulation, residential insurance, property insurance, flood insurance, National Flood Insurance Program
Office of Insurance Regulation, Florida Legislature, flood insurance, National Flood Insurance Program
flood insurance, Travis Miller, Radey, Governor Rick Scott, National Flood Insurance Program, radeylaw, federal flood insurance program, FEMA, Homeland Security, Biggert-Waters, Department of Insurance
Rate increases in the federal flood insurance program are drawing the ire of politicians on both sides of the aisle in Tallahassee. Governor Rick Scott recently sent a letter to Florida U.S. Senators Bill Nelson and Marco Rubio stating that he is “deeply troubled” by the impact of flood insurance rate increases on Florida’s economy. […]
