So all you candidates running for office or relection. What are you going to do about our insurance crisis?
Add a comment or send me an email.
Here is what Stephen Gorham, candidate for State Senate District 10 said
"Stephen Gorham, candidate for State Senate District 10, joined House and Senate Democrats in calling for a “real fix” to the property insurance crisis facing tens of thousands of Floridians. “This needs to be about preventative maintenance, not damage control,” declared Gorham as he backed calls by Democrats for an insurance plan aimed at addressing the skyrocketing costs of property insurance in Florida.
“I have spoken with thousands of residents and this is a serious issue,” Gorham stated. “We need a special session because we need to fix this plan now!”
In the waning hours of this year’s legislative session, Republicans passed a property insurance bill “written by the insurance companies, for the insurance companies” said Florida State Senator Les Miller.
“When people sit down at their breakfast table, this is an issue they are talking about,” remarked Gorham.
“We are at a point where not a week goes by without six to twelve people telling me they aren’t sure if they can afford to continue living here. We shouldn’t be trying to attract insurance companies to our state at the detriment of Florida residents.”
Stephen Gorham is a veteran of both the Florida Army National Guard and the U.S. Navy. He and his wife, Rebecca, have a three year old daughter and he is currently employed as the Director of Networks and Telecommunications at Hillsborough Community College. Gorham is seeking to represent the residents of Senate District 10, which encompasses Eastern Hillsborough, Southeastern Pasco, and a small area in Polk County.
I'm not running, but here's a few ideas anyway-
ReplyDelete1) If you're a insurance company selling any type of insurance in the state of Florida (auto, life, etc) and you also provide homeowners insurance in any other state, you must provide HO insurance in Florida.
2)The minimum number of HO policies each company would be required to write would be determined by a ratio of the revenue dollars received by their other policies.
2) Any HO policy written in Florida may not be in excess of 10% more than the national average based on home value.
3) Citizens policies locked in at 20% above national average.
4) Expand the Florida Market Assistance Plan (FMAP) that is currently in place to help match up insurance companies willing to write polices in Florida with consumers. The State has done little to promote or expand this program.
(This program has saved me thousands of dollars. I have 2 homes in Seminole Heights and both were picked up by an A+ insurance company within 48 hours of sign-up)
www.fmap.org/
5) No home be denied coverage due to age alone. Older homes will be required to have a licensed home inspector inspect the home to verify electrical, plumbing, A/C, etc are up to date as well as the structural integrity of the home. Upon passing inspection the homeowner will be issued a certificate that is valid for 10 years and transferable to another owner.
If this issues is not addressed, it could spell the end of the growth and improvement that we are seeing in our older neighborhoods. Maybe the builders and contractors in the area are lobbying the legilature to prevent reform that would help our older neighborhoods, since they are suffering in the market right now.
ReplyDeleteThe problem with some of this is that if you force companies to provide property insurance or leave, they will leave.
ReplyDeleteSetting premiums based on national averages is not fair for two reasons: Florida has greater risk and Florida has higher property values.
I agree that FMAP needs to be expanded, especially included in the CE requirements for real estate and mortgage professionals.
Ultimately, the solution to the insurance crisis can not be solved by the markets - like my fellow Republicans prefer. The state will need to provide some taxpayer supported coverage for all property owners that reduces the risk for private companies. One proposal is to provide state insurance of the first $100,000 of windstorm damage. Because the vast majority of claims from most hurricanes are for less than $100,000, private companies would be more likely to provide affordable coverage for properties above the $100,000 mark. This solution could even work for renters insurance.