The first meeting of a new 10-member Standard Personal Lines Advisory Committee, assigned to develop a standard homeowners insurance policy for Floridians that is easy to understand and offers comprehensive coverage, will be held Oct. 4 in Tallahassee.
State lawmakers called for the committee in response to Florida CFO Tom Gallagher’s concern that many victims of the 2004 hurricanes were not adequately protected because they either did not understand the complex language in their insurance policies or had not updated their policy limits to keep pace with increasing property values.
“Time after time, in the hurricane recovery town hall meetings I held around the state and in calls to my office, Floridians said they were surprised at what their policies didn’t cover or that their coverage was not enough to rebuild their homes,” Gallagher, who oversees the Florida Department of Financial Services, said. “The committee is tasked with developing a simple, plain-language homeowners insurance policy with the consumer in mind.
The new law, passed by state lawmakers in the 2005 session, requires Gallagher to appoint an advisory committee that includes two members recommended by Insurance Commissioner Kevin McCarty, two appointees from the residential property insurance industry, two property insurance agents, two consumers and Florida’s Insurance Consumer Advocate. The committee must issue its recommendation to the Legislature by Jan. 15, 2006.
Along with announcing the members of the committee, Gallagher also announced the committee’s meeting schedule. The first committee meeting will be held in Room 110 of the Senate Office Building in Tallahassee Oct. 4, from 10 a.m. to 5 p.m. Other scheduled meeting dates are Oct. 28, Nov. 17 and Dec. 6. The final meeting will be Jan. 4, 2006.
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