Homeowners Insurance CEOs Push for Legislation Reform

Homeowners Insurance CEOs Push for Legislation Reform

Article by Moises Reyes

Homeowners Insurance CEO Group Pushes for Legislation Reform Affecting Hurricane Insurance, Property Damage Insurance, and Sinkhole Insurance

With the 2010 Atlantic hurricane season officially beginning in less than half a month, on June 1, the Florida-Based Property Insurers CEO Group, which represents 21 different carriers, held a media conference on April 21 to propose sweeping legislation addressing major problems in the stateâÃ,€Ã,™s property insurance market. Calling on the Florida legislature to support the property insurance market in order to better protect citizens from the impending hurricane season, the group cautioned state lawmakers about the significant changes that are needed in a remarkably short period of time. To avoid these changes, they expressed, may be to burden Floridians with billions of dollars in debt, with major hurricane damage adding astronomical assessments to citizensâÃ,€Ã,™ homeowners insurance, hurricane insurance, sinkhole insurance, and property damage insurance.

For the past few years, taxpayers have been fortunate enough to not face considerable financial hardship as a result of widespread property damage, since Florida has not experienced a major hurricane since 2005. Today, taxpayers are still paying for the damage done that year, the most active hurricane season in recorded history, by