HOMEOWNERS INSURANCE – The insurance industry should not be allowed to thumb its nose at state regulators and lawmakers, an expert told a Florida Senate panel yesterday.
HURRICANES – Speaking homeowner insurance, is the truth out there? A new report concludes that global warming will actually diminish the number of hurricanes that strike Florida, contradicting earlier studies. While warmer ocean waters promote stronger storms, warmer crosswinds high in the atmosphere should break them apart. This latest study, conducted by Wang and Sang-Ki Lee of the University of Miami, will be published
Wednesday in the journal Geophysical Research Letters. Like all reports accepted by reputable scientific journals, it was scrutinized and reviewed by experts in the field. You can find the news release on NOAA. The question remains – will insurance companies consider this find in their risk analysis for Florida homeowners insurance?
MORTGAGE FRAUD – Florida Attorney General Bill McCollum announced a multi-pronged initiative to combat mortgage-related fraud, specifically fraud involving “rescue foreclosure” scams. As part of the initiative, he filed a lawsuit asserting that a South Florida-based company has defrauded at least 80 homeowners.
DEMOGRAPHICS – Census figures show that Florida continues to grow rather than shrink, but the number of incoming residents from other states dropped by about 86 percent in just two years thanks to higher home prices, real estate taxes and insurance costs. What will happen to Florida’s growth if there is a reduction of hurricanes and reduced premiums for homeowners insurance?
ECONOMY – President Bush said Tuesday he is confident that his administration and Congress will be able to approve a stimulus package to jump-start the economy, likely centered on tax rebates and business tax cuts, but also including increases in unemployment benefits and food stamps.