The Florida Commission on Hurricane Loss Projection Methodology, Windstorm Mitigation Committee has issued a draft report of its recommendations for fixing the problematic wind mitigation credit program.
In an executive summary, the Committee concluded that "the current system for assessing, determining, and applying windstorm mitigation discounts has failed to operate as intended and has contributed to problems in the residential property insurance marketplace." It labeled the problems "complex and systemic in nature."
The Committee identified and made recommendations in four specific areas of concern: 1) the application of mitigation credits into the ratemaking process, 2) a flawed residential structure inspection process, 3) incomplete and poor data quality, and 4) hurricane computer modeling limitations. The full draft report is available at www.sbafla.com through the Meetings, Jan. 25 Meeting Materials link.
The full Commission is expected to approve the report when it meets Jan. 25 from 9:00 a.m. to 4:00 p.m. at the State Board of Administration in the Hermitage Conference Room, Hermitage Centre, 1801 Hermitage Boulevard, Tallahassee.