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Florida Premium Discounts for Hurricane Loss Mitigation

In Florida, the state government is working very diligently to bring to the homeowners/taxpayers insurance discounts based on various types of quality building materials and the related insurance risk.

 http://www.floir.com/Hurricanes/HurricaneLossMitigation.htm 
Office of Insurance Regulation:  Premium Discounts for Hurricane Loss Mitigation

  "In 2005 the Florida legislature passed a law requiring all residential property insurance companies to file with the Office of Insurance Regulation (Office) a range of premium discounts they offer customers who live in homes of certain construction types or who apply loss mitigation devices (like shutters) to their homes. . . . 

The Rule requires insurers to send a list of those discounts with exact dollar savings to all new and renewed policyholders. Insurers must start sending the “Notice of Premium Discounts for Hurricane Loss Mitigation” form (OIR-B1-1655) to new and renewing policyholders starting September 5, 2007."

There is a great FL government report from the Florida Office of Insurance Regulation titled “Home Structure Rating System” dated March 30, 2007.  For this comprehensive Home Structure Rating System report, please see: 
http://www.floir.com/HotTopics.htm 
http://www.floir.com/HomeStructureRatingSystem.htm 

For a link to the HSRS report, see: http://www.floir.com/pdf/HSRS_Report_Package%20_March

302007.pdf

Premium Discount for Hurricane Loss Mitigation http://www.floir.com/pdf/OIR-B1-1655.pdf

Based on the "correct" discounts being provided for various building material and systems, this plan is a win for the homeowners, a win for the insurance companies and a win for the taxpayers on a long-term basis.

"The Office of Insurance regulation contracted with the University of Florida’s Shimberg Center for Affordable Housing to prepare an initial home structure rating system for the advisory board to review and make comments." For a link to the contract, see: http://www.floir.com/pdf/HSRS_Contract.pdf

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About the Commissioner
Kevin M. McCarty

Commissioner of the
Office of Insurance Regulation

"He cites three bills as the main accomplishments of his Office: 1.) The Freedom to Travel Act that ended discrimination in life insurance policies based on travel to foreign countries, 2.) The Long-Term Care Coverage Act that increases senior’s rights when purchasing long-term care insurance; and 3.) The Property & Casualty Insurance Bill that provides financial incentives to encourage mitigation to allow people to protect their homes from hurricanes."

"I am pleased to announce a new online tool that will allow consumers to compare homeowners' insurance rates in all 67 counties. It is called" www.ShopandCompareRate

COMMISSIONER MCCARTY TESTIFIES BEFORE THE UNITED STATES CONGRESS ON COASTAL INSURANCE MARKETS

"In Florida, the sheer severity and frequency of storms in 2004 and 2005 has pushed our insurer-of-last resort, the Citizen Corporation, to the breaking point. Eight storms inflicted $38 billion in damage and have placed a tremendous strain on the state's resources and, ultimately, the citizens of Florida.  As private insurers limit their exposure, the Citizens Corporation has experienced an explosion of growth.  Currently Citizens has 880,000 policies and insures over $217 billion in structure exposure.  Moreover, it is on pace to become the largest insurer in the state of Florida.  In 2005, Citizens Corporation ran a deficit of $1.7 billion that had to be financed through premium increases and a state-government bailout."http://www.floir.com/PressReleases/ViewMediaRelease.

asp?ID=2429

http://www.floir.com/Director/Commissioner.htm

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We strongly believe that with the use of quality building materials, much of the losses incurred in recent years from hurricanes, tornadoes, floods, etc. can be greatly reduced or eliminated. As such, it is fair to those people who spend the extra money for quality building should receive the benefit of lower insurance claims vi discounts to the insurance premiums.

(Note: VOBB can not provide any engineering, architectural or insurance services by law, as we are not registered to provide these professional services.}