![]() That’s forced hundreds of thousands of Floridians to buy policies through the state-run insurer of last resort, Citizens Property Insurance Corp., while making Florida the most expensive state in the country for property coverage, according to the Insurance Information Institute ( Climatewire, June 22). The Florida flood-insurance requirement was included in an expansive bill approved by the state Legislature during a special session this week to revive the state’s crumbling insurance sector.ĭozens of local insurers have gone bankrupt this year or ceased covering property damage amid mounting losses. Even so, 7 million households in the state don’t have flood coverage. That’s the second-highest rate in the U.S. In Florida, the nation’s most flood-prone state, 19 percent of households have flood insurance. Yet many people flout that requirement, and less than 4 percent of households nationwide have flood coverage through the National Flood Insurance Program, which is run by FEMA and is the main provider of U.S. The requirement comes as federal lawmakers and officials are struggling to get more homeowners across the country to buy flood insurance and protect themselves financially against climate change.įederal law requires people to have flood insurance on property inside a flood zone if it’s secured by a federally backed mortgage. ![]() ![]() “It seems like that’s the only mechanism that really drives adoption.” “It’s probably a good idea to mandate people to have flood insurance,” said Paul Handerhan, president of the Florida-based Federal Association for Insurance Reform, a consumer advocacy nonprofit. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |