If the taxpayers of the US are expected to guarantee that these two guys get to live on the Ocean risk free.
Can I have some $$$$ to live there too?
USA today story, Ivan recovery. Pretty much sums it up here.
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They are trying to better inform people..
Proposal simplifies hurricane policies
Bill calls for plain language on hurricane policies
By PAUL FLEMMING
THE NEWS-PRESS TALLAHASSEE BUREAU
Published by news-press.com on February 17, 2005
TALLAHASSEE — Floridians should know exactly what is at risk when they buy hurricane insurance, two lawmakers said Tuesday.
Sen. Rudy Garcia, R-Hialeah, and Rep. Joe Negron, R-Stuart, rolled out a bill that would require that hurricane deductibles be listed in specific dollar amounts in an effort to make insurance policies easier to understand.
Negron said many in his South Florida district — people he said were otherwise knowledgeable about business matters — were caught unawares by hurricane deductibles.
A typical 2 percent deductible is on the total amount of covered property — for a $200,000 house, that means the first $4,000 of damage comes out of the policyholder's pocket.
"That was a shock to many, many people," Negron said. "People need to know they're going to be responsible for a significant amount."
Among other parts of the legislation: Checklists on policies that spell out what household and personal items are covered. Full disclosure of all exclusions and limitations. Clear cancellation and renewal rules stated in policies. How various hurricane deductible options affect coverage and premiums. A standard, basic policy that allows consumers to compare "apples to apples" when shopping for coverage.
CFO Tom Gallagher supports the plain language idea.
One industry group, the Florida Insurance Council, said in a statement that it "generally agrees" with the proposals.
The proposal is the beginning of bills that will come out of a committee charged with considering insurance for the regular session that begins March 8.
The plain-language requirements are among more than 20 general recommendations included in a final report of the Special Joint Committee on Hurricane Insurance. Leadership set up the group to guide the Legislature during regular session. That group has its final meeting today and will make its report final.
Among the recommendations being considered:
• Allowing insurance companies to offer a range of hurricane deductibles — from 1 percent to 10 percent. Now, three-fourths of policies have 2 percent deductibles.
• Reduce the amount of losses insurance companies must have to begin collecting from the state's Hurricane Catastrophic Fund.
• A full examination of Citizens Property Insurance, the state-run insurer-of-last resort.
• Clear notification of discounts available for hurricane mitigation efforts.
• No cancellation for people with policies for more than five years without claims.
Paul
Proposal simplifies hurricane policies
Bill calls for plain language on hurricane policies
By PAUL FLEMMING
THE NEWS-PRESS TALLAHASSEE BUREAU
Published by news-press.com on February 17, 2005
TALLAHASSEE — Floridians should know exactly what is at risk when they buy hurricane insurance, two lawmakers said Tuesday.
Sen. Rudy Garcia, R-Hialeah, and Rep. Joe Negron, R-Stuart, rolled out a bill that would require that hurricane deductibles be listed in specific dollar amounts in an effort to make insurance policies easier to understand.
Negron said many in his South Florida district — people he said were otherwise knowledgeable about business matters — were caught unawares by hurricane deductibles.
A typical 2 percent deductible is on the total amount of covered property — for a $200,000 house, that means the first $4,000 of damage comes out of the policyholder's pocket.
"That was a shock to many, many people," Negron said. "People need to know they're going to be responsible for a significant amount."
Among other parts of the legislation: Checklists on policies that spell out what household and personal items are covered. Full disclosure of all exclusions and limitations. Clear cancellation and renewal rules stated in policies. How various hurricane deductible options affect coverage and premiums. A standard, basic policy that allows consumers to compare "apples to apples" when shopping for coverage.
CFO Tom Gallagher supports the plain language idea.
One industry group, the Florida Insurance Council, said in a statement that it "generally agrees" with the proposals.
The proposal is the beginning of bills that will come out of a committee charged with considering insurance for the regular session that begins March 8.
The plain-language requirements are among more than 20 general recommendations included in a final report of the Special Joint Committee on Hurricane Insurance. Leadership set up the group to guide the Legislature during regular session. That group has its final meeting today and will make its report final.
Among the recommendations being considered:
• Allowing insurance companies to offer a range of hurricane deductibles — from 1 percent to 10 percent. Now, three-fourths of policies have 2 percent deductibles.
• Reduce the amount of losses insurance companies must have to begin collecting from the state's Hurricane Catastrophic Fund.
• A full examination of Citizens Property Insurance, the state-run insurer-of-last resort.
• Clear notification of discounts available for hurricane mitigation efforts.
• No cancellation for people with policies for more than five years without claims.
Paul
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