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Monthly Archives: June 2011

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Inspection form causing insurance discount headaches (concl.)

Sat Jun 25th, 2011 on     Homeowners Insurance,    

This is the last post in our discussion of concrete barrel tile roofs and hurricane mitigation discounts. The current inspection form does not include these roofs, because there wasn’t enough data about their performance when the form was designed. The upshot for homeowners is denial or revocation of discounts on their insurance policies. The Florida Office of Insurance Regulation has been talking with policyholders and insurance professionals about this and other problems with the form.

Inspection form causing insurance discount headaches (p. 2)

Thu Jun 23rd, 2011 on     Homeowners Insurance,    

We were talking about the issues with Florida’s current insurance inspection form and mitigation discounts. Both homeowners and insurance professionals are complaining that the form does not allow a discount for concrete barrel tile roofs. The denial or revocation of the discount can mean jumps in homeowners insurance premiums of hundreds of dollars.

Inspection form causing insurance discount headaches (p. 1)

Tue Jun 21st, 2011 on     Homeowners Insurance,    

We were talking about the story of the three little pigs and the big bad wolf the other day. Someone suggested it was really a metaphor for homeowners and hurricane insurance coverage in Florida. The pigs are the homeowners, and each used different building materials for their little houses. The wolf represents a category 5 hurricane that the pigs hope their homes will survive.

When NOAA says “above normal,” what does it mean? (p. 2)

Thu Jun 16th, 2011 on     Homeowners Insurance,    

The hurricane season started June 1, and we were talking about the National Oceanic Atmospheric Administration (NOAA) outlook for 2011. The NOAA’s storm estimates are likely included in the data property insurance companies use in rate-setting – especially in states like Florida that are right smack in the middle of “hurricane alley.”

When NOAA says “above normal,” what does it mean?

Mon Jun 13th, 2011 on     Homeowners Insurance,    

The Atlantic Hurricane Season officially kicked off at the beginning of this month. This is the time of year when the National Oceanic Atmospheric Administration (NOAA) publishes its predictions for named storms, hurricanes and major hurricanes. And this is the time of year when Florida’s property insurance companies focus on the NOAA’s big picture summary instead of the detailed report as they justify their requests for rate increases.

Florida adopts RMS hurricane model – Change is on the way

Thu Jun 9th, 2011 on     Homeowners Insurance,    

The Florida Commission on Hurricane Loss Projection Methodology has approved the RMS U.S. Model Version 11.0. Insurers in the state can now use the model as they calculate rates — and rate increases — for the coming year. This is the same insurance model we discussed last month, and this is the same insurance model that insurance companies have been circling with some apprehension since its national debut.

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