I attended the National Flood Conference earlier this month where almost 2,000 industry professionals continued the conversations from last year and years before about flooding and current key issues of mutual interest and concern. I had the opportunity to address the attendees to discuss ways to reduce the risk of loss for mobile homes. Skeptics …
LMA NEWSLETTER June 24, 2024
Citizens Insurance Pursuing Maximum Rate Hike
New non-competitiveness factor in play
The Citizens Property Insurance Corporation’s Board of Governors last week approved an overall 13.5% increase in rates for next year that includes a 14% increase in its personal lines policies, the maximum allowed under the state’s rate increase cap glide-path. Commercial lines policies would increase 10.3%. These rates take into …
Several Hundred Million$ in South Florida Flood Damage
Federal disaster aid for Tallahassee tornados
The recent South Florida deluge generates several thousand automobile insurance claims for flooded vehicles and a data call, Tallahassee gets a federal disaster declaration for last month’s tornados, there’s new money for home mitigation and insurance regulation, plus a hefty increase in medical reimbursement in Florida workers’ compensation insurance. …
A Dollar Spent Now Saves $2.69 in Future Flood Costs
New projections on home mitigation
As we saw in the recent South Florida flooding, if it rains, it can flood. Mitigating the damage from the deluge has become a priority for many across the country – including economists at the Congressional Budget Office (CBO), who recently released a working paper noting the dollar savings on …
Angst in Florida’s Condominium Community
Big assessments are leading to sell-offs
Almost three years after the Surfside Condo Collapse, reverberations can still be felt, now from condominium unit owners across Florida facing huge maintenance and insurance assessments from their condo associations. Following the Surfside tragedy that killed 98 people, the Florida legislature required preventative condo maintenance for all older buildings …
Florida’s Investment in the Fatherhood Crisis
Reports from across the US are showing a startling trend – a fatherhood crisis that’s been growing since the 90s and spells disaster for the kids it affects and the communities they fill. As another Father’s Day has just passed, it’s important to be reminded of the positive impact of a father figure and reinforce …