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TALLAHASSEE, Fla.-Florida insurance regulators are drafting legislation aimed at changing the way hurricane risks are covered in the state.
Florida Insurance Commissioner Bill Nelson has asked Florida Speaker of the House Daniel A. Webster to consider during fall hearings proposed legislation that would require homeowners insurance companies to cover hurricane losses up to a predetermined limit.
Damages above that predetermined amount would be covered by a newly created Florida Hurricane Facility.
Currently, two residual markets in Florida provide windstorm and hurricane coverage on a first-dollar basis.
Creation of the facility would eliminate the need for the Florida Windstorm Underwriting Assn. and the Florida Residential Property & Casualty Joint Underwriting Assn. to provide hurricane coverage.
The legislation would amend Florida's property insurance law so that computer-model projections of potential hurricane losses could be used only for advisory purposes.
The proposal also calls for repeal of current provisions in Florida law that allow an arbitration panel to overrule the state insurance commissioner on rate decisions.