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Florida’s homeowners and business leaders are already seeing their insurance bills reflect massive rate increases. Word will get out that Florida’s insurance market is on the verge of collapse.
So why do we still oppose SB 76 and regard the House version, HB 305, as only a little better?
Simple: Because they won’t work. Like a paint of coat over a moldy wall, these proposals might mask the problem for a short time, but quickly enough the same patterns will emerge.
Seen in that light, SB 76 is particularly noxious, because it does major damage to Florida consumers in the name of reform. If it becomes law, there’s little doubt that in the aftermath of the next big storm tens of thousands of Floridians with roofs at least 10 years old could find themselves in desperate need of roof repairs, with insurance that covers only 25 percent of the cost of fixing the damage. Or even less, if they have a deductible (which most Florida policies do).
Climate Action Alliance of the Valley weekly climate, energy news roundup: April 17
Published Saturday, Apr. 17, 2021, 9:34 pm
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The Weekly Roundup of Climate and Energy News for the week ending April 17 follows. Please forward the Roundup to anyone you think might be interested. For an archive of prior posts, visit the CAAV website.
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Biden proposed $14Bn for initiatives to fight climate change in his 2022 budget. 300+ businesses and investors called on his administration to cut US greenhouse gas emissions by at least 50% below 2005 levels by 2030. A new series of briefs by RMI provides insights into how to get there. An international energy company executives’ panel said the move to renewable energy is unstoppable, although investments in nuclear power, ca
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Salisbury Daily Times
Flood-prone homeowners in Lewes – about 2 of every 10 properties – could be on the hook for National Flood Insurance Program increases averaging 1,400% in coming months, according to recent data.
If the data is correct, the change could be dramatic: on average, each flood-prone homeowner in Lewes could pay $35,000 more for their insurance.
While the Federal Emergency Management Agency has not released details in advance, estimates released in February by the New York City-based research group First Street Foundation suggest thousands of Delmarva homeowners could face rate hikes when the NFIP overhaul known as Risk Rating 2.0 goes into effect Oct. 1.