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The Private Flood Insurance Rule

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This past week I attended the Windstorm Insurance Conference put on by WIND (the Windstorm Insurance Network), which is an association that was formed to bring together defense and insurance company lawyers and other professionals on a variety of topics.  Nearly 800 attendees from all insurance disciplines attended this mid-winter conference in Orlando.

There were a litany of insurance breakout sessions but I attended with one specific purpose and that was to listen to the lecture on how to manage disputed flood claims in the National Flood Insurance Program (NFIP).  Kevin Miller, who is a brilliant independent claims professional, was the panel moderator.  Miller (no relation to yours truly) was completely transparent and discussed for over an hour a step-by-step on how to file a claim, the federal government’s refusal to accept an assignment of benefits, and how a public adjuster fits into a claim (or not).

The NFIP has a myriad of publications on their website describing their processes, policy forms, and outreach programs.  For example, this NFIP guideline for policyholders could serve as a model for property insurance companies to use to educate their own policyholders on what to expect at claim time.  Florida’s CFO Jimmy Patronis often says that filing a claim is a “process” and as such, spelling out the process may prove helpful.

In addition, instructor Miller advised that he “has a conversation” with claimants by saying to them “you will not be getting all your ‘stuff’ back (after the disaster).”  We learned at this session all about the NFIP policy exclusions and just how limited the NFIP form is.  All participants agreed that there needs to be a continued effort in pushing for private flood insurance.

Last week, federal financial regulators came to agreement and issued a rule mandating banks and other lenders accept private flood insurance to satisfy coverage requirements.  The rule, which becomes effective July 1, should make private flood insurance more available in flood zones, but it doesn’t tackle all the important issues for homeowners and buyers.

“It appears that regulators are attempting to adopt, by rule, a portion of what was contained in an earlier bill (Ross-Murphy),” says Trey Goldman, Florida Realtors® legislative counsel in the Office of Public Policy. “Under this rule, banks must recognize and accept private flood coverage. But the ‘continuous coverage’ language is just as important to homeowners, and the regulations really don’t address that. Without continuous coverage, policyholders who leave the NFIP and later come back could be subject to a full risk rate instead of their previous subsidized rate.”

Under the rule, lenders will have to accept private flood insurance policies if they offer coverage at least as comprehensive as NFIP.  Lenders will also have an option to accept private flood insurance policies that don’t offer as much coverage as NFIP, which the insurance industry and others want.

So for now, all eyes are on Congress for the May 31 NFIP deadline. Next up is a wonderful assortment of newsy tidbits for you!

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Tags: Flood Insurance Rule, Kevin Miller, National Flood Insurance Program, NFIP, Trey Goldman, Windstorm Insurance Conference

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“Just wanted to say that I thoroughly love your newsletter. It’s is always informative and insightful to the ins and outs of our industry.  You are an inspiration and an important asset in the insurance world.  Keep up the great work!” 

Cynthia Scott, President
University Insurance Group
Davie, FL

“Just a quick note to let you know how much I have appreciated your newsletter over the years and the assistance they offer for those in the field of claims. We depend on the information more than you will ever know!”

Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

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