New legislation to expedite the rebuilding process for hurricane victims has been suggested to the Florida Legislature by Tom Gallagher, the state’s CFO. The measure would ensure homeowners receive insurance money for additional living expenses and lost personal contents, as well as 20 percent of the insurance proceeds to repair structural damage, without an endorsement from their financial institution.
Gallagher is recommending a comprehensive package of reforms to “strengthen Florida’s homeowners insurance market and improve coverage options and protections for homeowners.”
Gallagher’s proposal would cut down on the obstacles to consumers to receive payments.
“Storm victims should not have to chase after money that is theirs to begin with, and there is no reason why these funds should not be released directly to the homeowner, especially in the aftermath of a catastrophic storm,” Gallagher said.
He said insurance companies should issue checks for living expenses and personal contents only to the homeowner because the financial institution does not have a vested interest. A portion of the money to repair property would also go directly to the homeowner.
The remaining insurance proceeds would still be subject to present dual endorsement requirements by lenders.
Gallagher also pushing to standardize Florida’s building code and capping coverage of homes in excess of $1 million by Citizens Property Ins-urance Corp., the state’s insurer of last resort.
Topics Florida Homeowners A.J. Gallagher
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