This post is a follow-up to our September 4, 2015 blog post regarding the state of the flood insurance market in Florida.
On October 2, 2015, our state’s Insurance Commissioner, Kevin McCarty, wrote to the Administrator of the Federal Emergency Management Agency (FEMA), Craig Fulgate. In Commissioner McCarty’s letter he requested that FEMA, “work collaboratively with the Florida Office of Insurance Regulation by providing access to ratemaking data and supplemental information.” McCarty asked Mr. Fulgate to provide this data to the Office of Insurance Regulation by December 15, 2015.
McCarty, politicians like Senator Jeff Brandes, and insurance personnel believe that this data will help open the private insurance market. By doing so, insurers could compete, thus benefitting the consumer with lower prices and more comprehensive insurance policies. The way the program rates are currently set up, Floridians have paid much more into the program than has been returned in claims payments, essentially subsidizing the costs of catastrophes away from our state, like Hurricane Sandy & more recently the storms produced in South Carolina by Hurricane Joaquin.
Please continue to follow our blog as we chart through the never-ending flood insurance saga. If you ever have any questions on recent legislation or questions regarding your flood insurance, please contact one of our knowledgeable and helpful agents.