Last week I attended two conferences, one with the state’s emergency management professionals and the other with insurance and reinsurance professionals. There is a bridge between the two professions that I have long recognized and it was evident as I listened to panel sessions and gatherings about topics ranging from FEMA grant reimbursements to the state of reinsurance around the world.
A panel session of particular importance was one moderated by Representative David Smith of Central Florida. Rep. Smith has been a champion in advancing insurance legislation that helps consumers and the industry overall. Panelists included a FEMA executive, a Realtor leader, and a flood insurance company executive. The panel addressed questions such as what lessons were learned from Hurricane Ian, what will be the impact of the new law requiring Citizens customers to have flood insurance, what is the best way to engage insurance agents and Realtors more fully in encouraging the purchase of flood insurance, and what keeps these professionals up at night when it comes to the peril of flood?
One of the panelist said that if your driver’s license says Florida, then you live in a flood zone and that there is no such thing as a Florida X zone (X zones do not require flood insurance if the homeowner has a mortgage). Reports of two out of three homes in Southwest Florida not having flood insurance were heart wrenching and even worse, many had let their homeowners coverage lapse. The FEMA executive said the federal government will continue to push for more private flood insurance carriers and the Realtor leader advocated for a flood facts database like Carfax, which can tell a buyer all the details of the flood propensity of a home. The panel closed with concerns about continued extreme weather driving flood surge and inundation, damaging homes and property across the state. Hats off to the professionals in the flood space who continue to promote flood resiliency and proper floodplain management!
Next up: the latest efforts to recover faster from our recent hurricanes, the next special session of the legislature and exciting news on the new – and the old!
LMA Newsletter of 2-6-23
