Is Wind Mitigation Worth Billions to Solve Florida’s Insurance Issues?
Virat Kohli Net Worth: A New Additional $107 Million.
At the Florida Chamber’s Insurance Summit last week in Orlando, a few panelists stated that although the state of property insurance in Florida seems to be leveling out, significantly more funding is required to strengthen homes against hurricane winds and avoid catastrophic losses for insureds and insurers.
“One big problem is mitigation. Hardening homes is one way to prevent future losses, according to Charles Nyce, a Florida State University risk management and insurance professor. “Costs will go down if the insurance companies are spared from having to cover the loss.”
Governor Ron DeSantis of Florida has suggested adding an additional $107 million to the My Safe Florida Home program in the state budget for the following year.
program that offers homeowners who strengthen their roof connections and install window and door protection to harden their homes against wind damages matching grants up to $10,000.
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However, Nyce and other attendees at the Summit argued that this is insufficient for a state that appears to experience at least one significant hurricane every year.
“It must be larger. Much larger, Nyce remarked. He proposed that in order for the mitigation program to effectively combat property losses, billions, not just millions, are needed.
Agreed was former state senator Jeff Brandes, who has gained notoriety in recent years for advocating for substantial modifications to Florida’s insurance regulations.
He claimed that the backlog of low-income homeowners is not fully covered by the additional funding for the well-liked home-hardening program. Right now
He contended that at the current funding level, securing every home in the state would take 554 years.
At this point, he said, it’s all political theater. “Only 85% of the individuals on the waiting list can be served by the additional funding.”
A senior fellow at the Florida think tank James Madison Institute, who was one of the panelists, emphasized the need for more workable hardening techniques.
Christian Camara said that during the previous two legislative sessions, Florida lawmakers proposed reinsurance programs that were restricted and supported by the state, but they didn’t really affect rates.
According to Camara, “that was not a worthy investment of taxpayer resources.” However, I believe that if the state is going to take any action to reduce insurance rates, it ought to be an investment in Investing additional funds into the program My Safe Florida Home.
He pointed out that the only way to lower losses is to harden homes, and the only way to lower insurance rates is to reduce losses.
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Nyce contended that insurers themselves could go beyond mitigation. He asked the executives of Citizens Property Insurance Corp. to think about mandating the fortification of more insured properties.
“One million people are insured by you. If I were to go out and harden these homes, I would go through my book of business and see which ones offer the best value,” Nyce stated.
“Those are the houses that ought to be included in the My Safe Florida Homes program from the beginning.”
Florida is footing the bill for the hardening and will benefit from it, he said. For properties in the path of Hurricane 2022, building new structures in compliance with current building codes has proven to make a significant difference.
Studies have indicated, Ian. However, he noted that because older housing stock will endure for a very long time, existing homes must be retrofitted.
The necessity of raising or removing a large number of homes in low-lying areas that are susceptible to the growing threat of inland flooding and storm surge was not discussed by the panelists.
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