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The Florida Hurricane Catastrophe Fund (FHCF) recently projected a potential shortfall in its claims-paying capacity for the first time in many years. By statute, the FHCF provides up to $17 billion in reimbursement capacity to residential property insurers each year. However, that obligation is limited to the amount the FHCF actually can pay, if less […]
The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon. The FHCF releases its estimated claims-paying capacity in May and October of each year. In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]
Florida’s Fifth District Court of Appeal (DCA) has certified the following question pertaining to Assignments of Benefits (AOB) to the Florida Supreme Court as a matter of great public importance: Does article X, section 4(c) of the Florida Constitution allow the owner of homestead real property, joined by the spouse, if married, to assign post-loss […]
The Florida Hurricane Catastrophe Fund (FHCF) continues to anticipate it will be able to meet its $17 billion in contracted single-season capacity if the need arises. The FHCF projects its year-end 2019 fund balance will be $12.4 billion. Adding $1.7 billion in pre-event notes and an expected $1.0 billion in risk transfer (reinsurance), the FHCF projects […]
The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions. The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines. It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]
Citizens Property Insurance Corporation is delaying action on a proposed 2019 rate filing while it continues to look for ways to address concerns with assignments of benefits. Citizens’ board recently decided to defer a proposed 7.9% statewide average increase for its personal residential programs. The indicated rate need is much higher in some areas, but […]
Office of Insurance Regulation, Travis Miller, Radey, Florida Office of Insurance Regulation, radeylaw, flood, residential, Hurricane Irma, Irma, deductible, commercial
Florida Hurricane Catastrophe Fund, Travis Miller, Radey, FHCF, radeylaw, subsequent season, pre-event notes, capacity, Hurricane Irma, claims-paying, $17.0 billion, post-event notes
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 […]
As we enter 2018, information reported to the Florida Office of Insurance Regulation indicates that insured losses from Hurricane Irma have topped $7 billion, now reaching $7.2 billion. These losses arise from the 877,000 claims that have been reported by insurers. More than 80 percent of the reported claims have been closed, with about […]
