Floridians did not pay their wind carrier for flood coverage. But I guess everybody wants something for nothing, especially if a lawyer will take it on a contingency baseis. Flood losses are not covered in homeowners policies and, therefore, are not in the loss experience data used to price homeowners insurance in Florida. If wind insurers have to pay these losses, then they will become part of the loss data used to develop rates and the result will be astronomical premium increases. And there will be nobody to blame but the Legislature.
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Floridians did not pay their wind carrier for flood coverage. But I guess everybody wants something for nothing, especially if a lawyer will take it on a contingency baseis. Flood losses are not covered in homeowners policies and, therefore, are not in the loss experience data used to price homeowners insurance in Florida. If wind insurers have to pay these losses, then they will become part of the loss data used to develop rates and the result will be astronomical premium increases. And there will be nobody to blame but the Legislature.