Residents Property Insurance coverage Firm made the information once more in Householders with Residents Upset Over Obligatory Flood Insurance coverage in Non-flood Zones. The information report famous:
“The requirement got here out of the Florida legislature’s second particular session of 2022 after Hurricane Ian.
Senate Invoice 2-A requires each residential coverage to have flood insurance coverage as a situation of getting protection from Residents, however they’re implementing it in phases.
For these in a FEMA-designated flood zone, new insurance policies needed to get flood insurance coverage by April 1 and any coverage renewals have till July 1, 2023.
For these not in flood zones, it depends upon your property worth:
- January 1, 2024, for property valued at $600,000 or extra.
- January 1, 2025, for property valued at $$500,000 or extra.
- January 1, 2026, for property valued at $400,000 or extra.
- January 1, 2027, for all different private traces residential property insured by Residents.
We went to Residents to ask why they want owners in non-flood zones to have flood protection.
‘Following Hurricane Ian, you noticed what occurred in Orlando. So many individuals, even within the hardest hit areas, weren’t in flood zones and didn’t have flood insurance coverage,’ answered Residents Spokesperson Christine Ashburn.
….
‘I imagine the general public coverage correlation there may be if you happen to’re going to be insured to the insurer of final resort in Florida, the place our charges are sponsored, proper? And we are able to assess all Floridians if we run out of cash; we wish to be certain individuals are lined within the occasion there was a flood of their residence, so we don’t have a wind versus flood argument with Residents due to our authorities entity standing.’
Paying for pointless insurance coverage which is able to by no means be collected upon is the stupidest public coverage I’ve ever heard of. As I learn the invoice, condominium unit house owners insured by Residents on the twenty third ground of a condominium might be required to buy flood insurance coverage as a result of their elected politicians handed a regulation forcing them to so do.
The legal guidelines handed by Florida’s political leaders within the particular legislative session and within the present Florida session have executed nothing for policyholders. Many of those legal guidelines are silly public coverage.
Thought For The Day
Public coverage is a research in imperfection. It entails imperfect folks, with imperfect data, dealing with deeply imperfect decisions – so it’s not stunning that they’re getting imperfect outcomes.
—Jake Sullivan
