Tag: Florida flood insurance

A.M. Best to re-evaluate Florida insurance companies

Nordstrom
Florida Homeowners Insurance

Rating revisions due to financial troubles with state’s Cat Fund Florida home insurers could soon be seeing revisions made to their ratings as A.M. Best, one of the largest rating firms in the world, announces that it will be reviewing the state’s insurance companies due to the financial troubles of the Florida Hurricane Catastrophe Fund. The Cat Fund, as it is called, is meant to provide insurance companies with $17 billion in reinsurance coverage each hurricane season. With two consecutive years of powerful natural disasters behind it, the Cat Fund…

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FEMA ban on flood insurance rebates challenges by Florida insurer

S.Vagus
California health Insurance payment

FEMA seeks to ban insurance commission rebates FEMA has come under fire recently in Florida after the agency decided to stop insurance companies from offering rebates to consumers who purchase flood insurance coverage. These rebates would have been garnished from the commission of insurance agents. Consumers purchasing or renewing flood insurance policies through the federal National Flood Insurance Program would have been eligible for these rebates. FEMA believes that these flood insurance rebates are a source of recent complaints consumers have been having regarding the National Flood Insurance Program. Insurer…

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Florida homeowners in danger of losing their flood insurance coverage

S.Vagus
Flood Insurance and reinsurance

Florida law could exclude the state from NFIP coverage, according to FEMA. Florida lawmakers are working to expedite the availability of new building permits, but this may have put homeowners at risk of losing the flood insurance coverage they receive from the National Flood Insurance Program (NFIP).  Flood insurance has become a very problematic issue throughout the country, but has been especially problematic in Florida recently. The troubles of flood insurance are linked to NFIP, a federal program which provides the majority of the country’s flood insurance coverage. The program…

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FEMA to update flood maps for Florida by 2012 hurricane season

Marc

FEMA has begun updated its flood maps for the state of Florida and the new maps will be put into effect before the 2012 hurricane season. The maps determine what properties are at risk of flooding in the event of a natural disaster or severe storm. Insurers rely on these maps and the risk they place on certain regions to price insurance coverage. Typically, areas that are classified as high risk are required to have some form of flood insurance protection. Collier County will have the most drastic change next…

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State Farm pulls out of church market in Florida, as well as others

State Farm has announced that it will no longer be offering insurance coverage to churches in Florida. The company’s exit from the market leaves hundreds of churches throughout the state looking for new insurance companies. The move is part of the company’s desire to focus more on the property market in the state, a plan that sees the insurer pulling out of other markets in the coming years. The insurer has not released estimates of how many churches will be affected by the decision, but has said that at least…

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