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The Florida Office of Insurance Regulation (OIR) has adopted emergency rule 69OER24-1 implementing a law passed at the end of the 2024 session providing premium discounts for residential policyholders. Under the new law, policyholders will receive discounts in amounts equal to the state premium tax and fire marshal assessments. Insurers will recover the discount amounts […]
Citizens Property Insurance Corporation, Insurance Regulation News, property insurance, flood insurance, SB 2A
As the 2021 hurricane season begins, forecasters look for this year to bring an above-average level of tropical activity. Just this week, the Tropical Meteorology Project in the Department of Atmospheric Science at Colorado State University (CSU) updated its projections and continues to believe this year will produce an above-average number of storms. Its forecast […]
The Florida Department of Financial Services (DFS) advises surplus lines agents that a diligent effort exemption for personal residential flood insurance has expired. The Florida legislature previously adopted Section 627.715, Florida Statutes, to encourage the development of a private market for residential flood insurance. Among its provisions, the statute provided at subsection (4): (4) A surplus […]
A second Senate committee has approved an adjusting to existing law relating to flood insurance disclosures. Last year, the legislature adopted a requirement for all homeowners’ policies to state that they do not cover flood damage. Unfortunately, there is no exception in the current law for policies that actually do contain flood insurance in the […]
Bills to fix a glitch in last year’s flood disclosure requirement have moved out of their first committees in the House and Senate, respectively. The legislature adopted a requirement last year for homeowners’ insurers to include a disclosure on their policies stating that the policies do not cover flood. However, the bill did not contain […]
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 Regulation News, property insurance, flood insurance, FEMA, Hurricane Irma
hurricane season, property insurance, flood insurance, Insurance Regulatory News
Florida Legislature, Insurance Regulation News, flood insurance, federal flood insurance program
