Citizens insurance to reexamine wind mitigation policies

Citizens Property carry windstorm insurance and can not be caught out. The company expects to see the policy, if the incentives are justified. For many people, which can lead to higher.By MICHAEL PELTIERNews Service of Florida
Tallahassee - a follow up to calls to raise premiums to meet the risk, Florida's state-backed property insurer, is to take another look at the wind mitigation incentives to ten years ago.
For many customers, this means higher prices.
Citizens Property Insurance Corp. will review the 209 000 residential policies by the end of the year, whether granted to the wind mitigation credits justified.
Incentives, which include such things as tie downs, blinds and other updates, offered, in 2002 the company reduced the risk of state-sponsored pool, which now handles almost 1.5 million policies.
30 years April latest date for which detailed data are available, the Citizens inspectors have completed 180 503 residential inspections it is established that in some cases, hurricane hardening measures are not in use. The resulting increase in the remuneration of 107 million dollars. Nearly 71 percent of households have seen insurance premiums go up to check.
The program has also led to the premium decreases by 7.5 per cent of policies and the total reduction of $ 4,400,000.
For those homes are seeing higher premiums jumped an average of $ 600 per year, or 23 percent.
Wind mitigation program has become more and more fire industry groups and the Office of Insurance Regulation officials, who have said the program has reduced the company's premium base but did not significantly reduce exposure, especially when credit increased dramatically in 2007.
Private insurance companies are also given a relaxation of credit points. 2010 study, the Department of Financial Services stated that, despite good intentions, the programs will pay the same insurance companies lost only a modest decrease in potential losses.
"At the moment, the wind mitigation credits do not work as intended, and according to [Risk Management Solutions] analysis is an important part of the reason indicated decomposition of the premium," the study said.
Among the most important criticism, the report concluded that some homeowners were given double credit fixtures that are already included in the underlying fee. Insurance companies are also limited to repair of the basic rates to reflect on structural issues, the report states that hobbled the industry.
"If the [credit] system will continue without the base rate of the offset, the average premium reductions could eventually reach 35 per cent, which is clearly the effect of revenue insurance," the report said.
Last year, lawmakers passed and Gov. Rick Scott signed into law a measure that struck some language related to the mitigation credits, and gave insurance companies more flexibility in their prices and discounts apply.
The public officials have ordered reinspections of homes, which have claimed more than $ 650 credit points.
Robin Westcott, Florida Insurance Consumer Advocate, said he understood the citizens wish to provide specific information on appropriate wind mitigation credits, but is concerned about homeowners can always be ready for proper documentation of their mitigation efforts and may unnecessarily lose benefits.
He said the public would do a better job of letting home know what inspectors are looking for.
"In some cases, you are looking for a fairly hefty increase," Westcott said. "It's really a big part of care." Miami Herald is pleased to offer this opportunity to share information, experiences and observations about what is news. Some comments may be reprinted elsewhere in the newspaper or website. We encourage lively, open debate on current issues, and we invite you to be profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.
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