Florida Chief Financial Officer Alex Sink proposed a rule that streamlines the process for consumers to qualify for insurance premium discounts after taking steps to mitigate hurricane damage.
The Property Casualty Insurers Association of America supports Sink’s proposal.
“Chief Financial Officer Sink is taking appropriate steps to improve the My Safe Florida Home Program and ensure there is better coordination between the state and private insurers regarding hurricane readiness inspections,” said William Stander, assistant vice president and regional manager for PCI.
The MSFH program helps Floridians identify how they can strengthen their homes and reduces the overall potential for hurricane damage. To achieve this goal, the program offers eligible homeowners a free home inspection by trained and qualified hurricane mitigation inspectors.
Homeowners who have received these inspections also have the opportunity to apply for a matching grant for 50 percent of the actual cost of the recommended improvements, up to $5,000.
However, the state certified inspectors were not providing the documentation that insurers require to offer insurance premium discounts, Stander said. Sink’s emergency rule will resolve this glitch, he added.
“We want to encourage consumers to strengthen their homes,” said Stander. “Fortifying homes, from future storm damage can help to save lives and reduce property damage. In the long run these efforts help to reduce insurance costs and help ease the state’s insurance crisis. This spring the program was expanded statewide and we would like to see as many homeowners as possible participate.”
Source: Property Casualty Insurers Association of America
Was this article valuable?
Here are more articles you may enjoy.