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NFIP

Florida Office of Insurance Regulation says flood rates in Florida may be unfair

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The Florida Office of Insurance Regulation has responded to state Sen. Jeff Brandes’ request to study the methods used to determine National Flood Insurance Program policy rates. The office agrees that with the limited information available to regulators, the rates may be “unfairly discriminatory.” According to a letter from OIR commissioner Kevin McCarty, his NFIP experience suggests the flood loss ratio from 1978 until 2012 was just 28.3 percent. “This is not an alarming loss ratio, and does not seem to…

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Jeff Brandes wants transparency in National Flood Insurance Program rates

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Florida state Sen. Jeff Brandes wants FEMA to release data from flood insurance policies under the National Flood Insurance Program to determine whether or not the premiums assessed for policies are excessive or arbitrarily assigned. In a letter to Florida’s Office of Insurance Regulation Commissioner Kevin McCarty Wednesday, Brandes argued there were 100,000 fewer flood insurance policies in effect this June compared to last May. Homeowners face as much as 25 percent rate increases each year for non-primary residences and…

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