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A homeowner with windstorm insurance can often submit the results of a windstorm inspection to their insurer to obtain discounts on their windstorm insurance. In Florida, for example, premium discounts for certain favorable wind mitigation features are mandated by State law and can total 45% of the original policy's premium. In coastal parts of ...
The National Windstorm Impact Reduction Act Reauthorization of 2014 is a bill that would reauthorize the National Windstorm Impact Reduction Program (NWIRP), which was created to improve the understanding of windstorms and their impacts and to develop measures to reduce the damage they cause. [1]
Frank Nutter, the president of the Reinsurance Associate of America, suggested pursuing a plan of keeping the scheduled insurance premium increases, but targeting the homeowners that are "most in need, while maintaining the benefits of risk-based rates and incentivizing community and individual mitigation." [3]
Install wind mitigation features: State law requires Florida home insurance companies to offer discounts for certain wind protection features, such as hurricane straps and other roof-bracing ...
The California FAIR Plan — the state-created insurer of last resort — started offering mitigation discounts in August. Its price reductions are more robust than several other large coverage ...
The Texas Windstorm Insurance Association will vote on whether to raise the windstorm insurance tax rate by 10% at a board meeting on Aug. 6. Coastal Bend organizations oppose proposed 10% rate ...
Rising sea level is likely to increase flood insurance rates, while more frequent storms could increase the deductible for wind damage in homeowner insurance policies. Parts of Savannah and Brunswick are vulnerable to coastal flooding, which is likely to become more severe as sea level rises." [3]
According to the 2008 Insurance Information Institute factbook, for every $100 of premium, in 2005 on average $16 went to fire and lightning, $30 to wind and hail, $11 to water damage and freezing, $4 for other causes, and $2 for theft.