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Archive for March, 2013|Monthly archive page

Public TV Weighs in

In Florida Property Insurance, Hurricanes, Insurance, TV Coverage on March 28, 2013 at 1:32

WLRN-TV, South Florida’s Public Television outlet, weighed in about the growing concerns about property insurance and the focus on the 2013 legislative session. Mary Ellen Klas, the capital bureau chief for the Miami Herald, participated in the station’s panel event, a Town Hall session co-hosted by the paper and the TV station. “This is one of the tough issues they have to grapple with,” she said succinctly.

More than 600 people attended the information session, where Senator Chris Smith from Fort Lauderdale said to the audience, “We’re looking for ideas.”

A number of concepts are already on the table such as Florida joining with other coastal state in sharing the risk. Hurricane Sandy proved that Florida is not the only state with risk of severe storm damage.

Clearwater Senator Jack Latvala believes that legislators may not understand coastal issues and there will be a North-South divide right in Florida. Inland areas have a far different concern from the coastal areas.

The full Town Hall session is available here.

Why Insurance Rates Rise

In Florida Legislation, Insurance law on March 13, 2013 at 1:32

Many people wonder why insurance rates continue to rise despite the fact that Florida has been fortunate to avoid a hurricane for six years.  There are a myriad of reasons why, but Lynne McChristian of the Insurance Information Institute provided information on other non- catastrophic losses that still cost money.  According to a report on First Coast News, McChristian also sites older homes and sinkhole claims.

Further, she calculates that price of insurance on a scale of dollars per homeowner is actually lower than in 2005.   Rebuilding costs have risen, which also has an impact.

With the legislature in session, and a new hurricane season just a few months away, this will be a hotly debated topic.