HOMEOWNERS INSURANCE PREMIUM DISCOUNTS

Hi all,
Does the word "mitigation" mean anything to you?

It refers to actions taken by your Association or by you the Unit Owner to Mitigate (reduce) potential damage from a Windstorm event.

Be aware that you may rate a significant discount on your Homeowners Insurance Premium, if your building has a new roof or if you have installed Hurricane shutters or Code compliant High Impact Glass.

Start here:

https://apps.fldfs.com/WindMitigation/

Go to this Site; select your Company name in the window to obtain the required form/information needed to apply for the discount.

If your Insurance companies name is not on the list, call them and ask for the information on their Windstorm Mitigation program.

Hurricane Protection Pays:

Choose your company to find out how your investment in hurricane-resistant building techniques can save you money and protect your family against storm damage.

The discounts insurers must provide for mitigation improvements on your home are currently submitted to the Office in percent ranges.

For example, the discount for installing approved shutters to windows may be listed by your insurance company as 20% - 60%.

The reason for the range is because many factors may affect the actual discount.

A house on a barrier island with shutters may not get the same discount as a house with shutters in the middle of the state.

Commissioner McCarty found these ranges unacceptable and of no real value for consumers wanting to make informed decisions about hardening their homes (and reducing their premiums).

He proposed a Rule in January 2006, which was adopted by the Financial Services Commission, requiring companies to calculate exact discounts for every one of their policyholders, based on the location, age, and construction techniques of every home.

This Rule requires insurers to begin using this new policyholder-specific information on March 1, 2007. Remember, the current discount data is given in ranges; policyholder-specific information will be available next March. Please note: The insurance companies provided the discount information below.

While the Office analyzes the data submissions for completeness and reasonability, the data has not been formally audited or verified.



Dave Israel