GREAT NEWS!!! NFIP CANNOT SURVIVE WITHOUT FLORIDA!!!! Florida Developing a private flood insurance market. Despite reforms at the federal level to slow flood insurance rate increases, Florida Realtors and other business groups sought an alternative to the NFIP at the state level. SB 542 by Sen. Jeff Brandes (R-St. Petersburg) encourages private insurers to enter the Florida market by giving them rate-setting flexibility and reduced regulatory burdens. Early on, the House and Senate disagreed on how much flexibility to give insurance companies on the amount of coverage required. SB 542 requires the same coverage, deductibles and adjustment of losses as provided by the NFIP. Effective upon becoming law.
Posted on: Sat, 03 May 2014 12:37:27 +0000
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