News Provided By: South Florida Sun Sentinel Article By: Ron Hurtibise Date: March 22, 2021 Homeowners worried they’ll have to foot most of the cost to replace their roofs if they get damaged should be able to relax for at least another year — unless they need to find a new insurer. The Florida House…
News Provided by: Florida Record Article by: Michael Carroll February 26, 2021 Restrictions on assignment-of-benefits (AOB) property insurance claims signed into law in 2019 have failed to control lawsuits blamed for pushing up insurance premium costs in Florida, according to a nonprofit insurance consumers group. The AOB reforms contained in House Bill 7065 attempted to…
Many Florida Homeowners Hit with Higher Insurance Premiums News Provided by: WKMG Orlando ORLANDO, Fla. – Sharon Landry says she “freaked out” when she opened her statement and saw the premium for her homeowner’s insurance policy surge. Her policy went from $1,318 to $2,153 a year, a more than 60% increase. “It kind of throws you…
FAIR is proud to have partnered with Arc Broward and Arc Culinary to host the FAIR 10th Anniversary Virtual Awards Gala on Thursday, February 25th, 2021. The virtual gala was a fun and interactive evening focused on celebrating 10 years of FAIR, as well as new ways we are partnering and giving back to our…
News Provided by: On3PR New Congressional Legislation Promises Flood-Ready Federal Infrastructure House bill would ensure taxpayer funded infrastructure is built to withstand future flood risks TALLAHASSEE, Fla. — In an effort to lessen the impacts of flood-related disasters and lower the cost of recovery in Florida and across the nation, U.S. Reps. David Price (D-NC-4) and…
The Federal Association for Insurance Reform (FAIR), is pleased to announce the appointment of Hope Zelinger, Managing Principal of Bressler, Amery, & Ross- Miami (Bressler), as the new Chair of the Property Committee for the FAIR Board of Directors. “I am thrilled about the opportunity to dive into the issues currently plaguing the insurance industry. We are in…
Opinion Editorial by FAIR Executive Chairman, Jay Neal Published in Insurance Journal Floridians pay the highest homeowner’s insurance rates in the nation. No one should be surprised by this. Florida is a long relatively narrow large peninsula jutting out into bodies of warm water prone to tropical storms and hurricanes. But we also have the…
News provided by: Insurance Journal The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen more could be downgraded in the next few months. In…
The Florida Hurricane Catastrophe Fund’s Ratemaking Formula Report is an “Actuarial Communication” as governed by actuary profession’s U.S. Standards of Practice, specifically #41. Therefore, it must adhere to the following standard (from section 3.2 of #41) unless the actuary discloses a deviation from standards and explains why: “In the actuarial report, the actuary should state the actuarial…
FAIR is deeply concerned about the recently reported operating results of Florida-based insurance companies. We have also heard from a number of affected policyholders of insurance companies that have failed, i.e., Florida Specialty, Windhaven. Fourth quarter 2019 financial data will result in additional operating losses beyond the dollar amounts already reported. Moreover, Floridians will face…