Florida’s Ex- Commissioner McCarty Says Banks ‘Need Skin In’ Mitigation Game

By | May 8, 2018

  • May 8, 2018 at 4:44 pm
    Flip Flop much? says:
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    Coming from the commissioner that did what ever the governor at the time told him to do regardless of how it would effect the industry. Some of the worst policy language ever, came during McCartys rule and policy holders are woefully at risk because of it. McCarty forced carriers to double the discounts for wind mit factors yet would not allow surcharges for homes that refused to harden. Now he wants banks to be responsible for hardening homes? How on earth can they enforce this, provide lower interest rates for hardened homes or would it be to charge higher interest for homes that had less resiliency. What effect will this stunt have on the real estate market? Nice article but no details to base an educated decision on. How about we allow insurance companies to charge an actuarially sound rate, remove the rate cap on Citizens that is about to make them the “Go To” market in many areas. Streamline the wind mit inspection form and entire process and create a central database for this data so it is easily accessible and verifiable. If a home owner does nothing to harden they should not enjoy a base rate they should be surcharged as a higher risk. Just a few thoughts to ponder.

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