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Duh – let all of these folks know that the NFIP will pay ONE flood loss only and not another if you rebuild on the same premise. People on the East Coast have been making claims nearly annually and that’s not what the program is for. You certainly cannot collect enough premium for multiple losses.
We have been dealing with a shattered market since Hurricane Andrew hit in 1992.
Now ever since Charlie, Jean and Frances hit in 2004, we have carriers who have little if any surplus and rely on the state back cat fund for reinsurance.
WE ARE CROSSING OUR FINGERS!
The statement that “….. doubts about whether catastrophic windstorm peril can be accurately modeled” is probably accurate. Consumers don’t want to see insurance companies become bloated with reserves which is essential to plan for these events.
The government and private sector aren’t any closer to agreement on how to fix the exposure vs. the premium because Congressional input is so far outside reality on this subject. Bills have been presented that include the peril of wind driven water on homeowner/property policies and other bills include the peril of wind on flood policies. Neither will work and that’s where the stalemate is. If the wind drives rain, that peril is a flood and collect the premium within 5 miles of the coast for this exposure. Leave the homeowners policies alone. Water driven by rain ain’t covered.