Florida faces two new developments in CatClaims Coverage. Manufactured housing or modular homes are different from residential homes built on site, to use a little terminology from the overlapping worlds of construction and insurance. Premiums for CatClaims Coverage for manufactured housing are not just going sky-high in Florida, they are almost nonexistent. The reason is that Homeowner's Insurance and Property Insurance is all but unavailable for modular homes in Florida at this time. See Anika Myers Palm, "Shelter From the Storm/It's Getting Tougher and Tougher to Find Insurance Coverage for Manufactured Homes" Page C1, Col. 2 (Orlando Sentinel, Central Florida Business Section, Wednesday, October 10, 2007).
Second, Homeowner's Insurance and Property Insurance may be available to provide one form or another of CatClaims Coverage in Florida for on-site residential construction, and for commercial buildings too. However, the Premiums can be enormous when the Coverage can be found. Temporarily, one or another Insurance Company may have their proposed premium hikes rejected by the Florida Office of Insurance Regulation, but it is without prejudice. In other words, the Insurance Companies simply return with a do-over, as reported for example in another interesting and well-researched article by Anika Myers Palm, "State Rejects Rate Hike on Technicality" Page C1, Col. 3 (Orlando Sentinel, Central Florida Business Section, Wednesday, October 10, 2007).
Further developments in both Coverages and Premiums for Catastrophe Claims remain to be seen, in Florida and elsewhere. Like taxes and sin, such developments are expected, now.
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