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…

Homeowners insurance could rise due to hurricane fund bill

March 2, 2013March 2, 2013 G. Turner

A proposal to decrease the size of the fund could make it more expensive for Florida property owners. A new bill in the state of Florida could have homeowners insurance customers in the state paying more for their coverage as it aims to make the hurricane fund smaller than it currently is. The bill is geared toward shrinking the size of the Florida Hurricane Catastrophe Fund. Florida’s catastrophe fund has been an important source of cash for making claims payments in the state following severe disasters. Should this bill pass,…

Chief of the Florida hurricane fund voices concerns regarding cash shortage

September 23, 2011May 8, 2013

The chief operating officer of the hurricane fund in Florida, Jack Nicholson, has expressed serious concerns about the fund’s ability to assist insurance companies in paying for claims that have been made following major storms. Florida has been using the hurricane fund for almost two decades, since the time when the southern part of the state was devastated by Hurricane Andrew. Money from the fund is provided to insurance companies in order to assist them in paying off claims made by homeowners in the event of a hurricane – or…