Insurance News: SmarterSafer.org Urges Congress to Oppose Yet Another Beach House Bailout

March 15, 2013April 21, 2014 Guest Author

Florida Insurance News - Citizens insurance

Flood Insurance News… PRESS RELEASE: (Washington, DC) — SmarterSafer.org today said they oppose reintroduction of legislation by Rep. Albio Sires (D-NJ) that would create a national catastrophe fund because it would put taxpayers on the hook for billions of dollars in losses, encourage risky development in environmentally sensitive areas, and do nothing to protect people and property in harm’s way. “A federal backstop for disaster insurance replaces private-sector insurance with the American taxpayer,” said SmarterSafer.org. “It is a ‘Beach House Bailout’ that would displace private property and casualty insurance with…

Fllorida lawmakers concerned over insurer’s estimates of possible deficit

June 20, 2011 H. Cutner

Florida officials are voicing their concern over assessments of a possible coverage shortfall made by the state’s homeowner’s insurance provider, Citizens Property Insurance. The insurer has enough financial resources to cover $15 billion in property damage, or what they consider a one-in-50 year hurricane event. Damages beyond that point, however, would require the insurer to levy the accounts of policyholders to offset the deficit. Considering the frequency and severity of natural disasters of late, this news has lawmakers worried over what troubles the hurricane season has in store. Citizen’s estimates…