The 13 member task force established last year by the Florida to oversee the activities of Citizens Property Insurance Corp. will meet in Tampa Monday and Tuesday to discuss recommendations a preliminary report and discuss preparing a final report to present to the Legislature in March.
Recommendations contained in the preliminary report include capping homeowner’s coverage to three to five years, requiring hurricane-resistant home upgrades which would entice private insurers to take policyholders and to require homeowners to disclose a property’s vulnerability and modifications to reduce risk to buyers interested in purchasing their home.
Other recommendations the insurer of last resort is considering is capping its coverage at $1 million, or maybe even $500,000, whether to insure homes in sinkhole-prone areas and to consider limiting coverage for free-standing structures, such as pool cages and carports.
Was this article valuable?
Here are more articles you may enjoy.
Jamaica Catastrophe Bond Has Now Triggered, Government Says 
Jamaica Catastrophe Bond Headed for Full Payout After Hurricane, World Bank Says 
UBS Warns of Systemic Risk From Weak US Insurance Regulation 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
