While increasingly hostile weather has played a role in growing annual catastrophe losses that now average $132 billion globally, it’s actually non-hazard factors such as oil prices, construction materials, and labor costs that account for 80-90% of the cost. That’s …
In Florida, it’s not a matter of if – but when – a hurricane will strike. The Florida Legislature, mindful of that following a 2024 season that saw three hurricanes make landfall with insured losses of $7.3 billion and growing, …
Florida Insurance Commissioner Michael Yaworsky is asking the state legislature to hold-off on any further property insurance reforms as the head of Citizens Property Insurance warns of an effort to roll-back consumer property insurance reforms in the upcoming 2025 legislative …
The issuance of Florida’s Emergency Rule 69BER24-4, in response to hurricanes like Milton, represents a significant shift in regulating public adjusters and their activities. While some plaintiff attorneys and public adjusters initially celebrated the rule as a victory, a …
I was in Miami this week to address the first joint meeting of Key Biscayne condominium association presidents and property managers. They’re at ground zero for what some describe as a pending catastrophe in Florida’s condominium market. At issue is …
Local government officials in Southwest Florida and their nearly 127,000 residents affected are breathing a sigh of relief this morning at the news that FEMA has reversed its decision to eliminate their 25% discount on federal flood insurance policies. FEMA …
FEMA this past Monday (April 8, 2024) issued a 30-day pause on its decision in late March to eliminate the 25% discount on federal flood insurance policies on up to 125,000 property owners in Southwest Florida. FEMA said five governments …
Florida Governor Ron DeSantis, in his recently proposed budget for the 2024/2025 fiscal year, included two of the five steps needed to lower homeowners insurance rates in Florida:
Mexico’s surprisingly devastating Hurricane Otis proves that predicting hurricane intensification can be a tricky business, the three-week countdown begins to the end of the official Atlantic hurricane season that appears to have petered-out, plus the spoils of Hurricane Ian on …
Private flood insurance is growing as federal flood insurance declines and could be the future of flood coverage, a Florida state senator refiles a bill requiring flood zone disclosures for renters, and FEMA announces almost $2 billion in available funding …
