Information on Hurricane Insurance in Florida – part one
The state of Florida faces the maximum hurricanes in the US. Hurricanes in Florida cause extensive damage and are a very expensive proposition for home and property owners as well as state governments. Insurance companies are not very keen to cover property at rates that can be afforded by people. This has led to state intervention, the Senate of Florida set up a task force in 2008 to check the trends of property insurance in Florida. State intervention with respect to insurance for natural disasters has been around for a long time. Prominent examples include government monopoly property insurance as practiced in some parts of Switzerland.
nsurers in Florida are forced to consider the following factors with respect to agreeing to insure property in Florida. The first factor that renders hurricanes uninsurable is that although severe hurricanes may not be very frequent when they do occur, the damage is substantial. The damage is very often concentrated in one area so all insured parties in that area can claim damages. This is why insurance companies try their best to spread their liabilities so that at any given time they do not come under excessive financial stress.
There is no way insurance companies can objectively calculate the cost incurred due to the damage in a hurricane. Uninsurable risks are usually insured at comparatively higher premiums by the insurance companies. In the case of natural disasters such as hurricanes, concepts such as risk pooling and risk spreading do not seem to work. Risk pooling works when unrelated risks are pooled. In the case of a hurricane the risks are all related and hence cannot be considered independently distributed. Risk spreading works when the risks are spread over a large number of insured people whose risk liabilities are small; this is not the case with hurricane insurance, the damage is usually severe. If the state intervenes it can take over the risk of a large number of individuals, thereby spreading the risks.
As early as 1970, the State of Florida had started taking steps to improve how the government can step in to fill the void created by unwilling private insurance companies. The Florida Windstorm Underwriting Association (FWUA) was formed in 1970 and today is covers 29 coastal counties in Florida. However, although organizations such as FUWA exist to charge affordable insurance rates that the individual is not able to obtain from private insurance companies, the law allows FUWA to charge premiums that will allow it to recoup costs.
David G. - July - 2018 - Sarasota, Florida
We wanted to self-install so we bought accordions and roll downs from Empire Construction.We measured our window and patio and sent Empire the specs.The shutters were an exact match.Installation is very doable for two reasonably mechanical people. In this case it was only one mechanical person and some extra hands. The accordions were a breeze as installation was mostly marking holes for spots, drilling holes, and screwing them in.Our accordions have locking pins that hold them open and act as a second lock when closed. Even if a projectile breaks the lock the rods will keep the shutters closed.These shutters are Bertha HV1. They are High Velocity Hurricane Zone Approved. Having seen a wide range of shutters we are extremely happy with the quality of the product we received!!
Jim J. - June - 2018 - Homestead , Florida
I installed fourteen aluminum accordion shutters which I purchased from Empire Construction.I could not be happier with my choice.The shutters are made very well and are powder-coated.The purchase included all of the required hardware which was powder-coated to match the shutters.The company is very customer-oriented.Michael and his staff were wonderful.They were attentive, helpful, and a delight to work with.The installation video on the website made the installation very easy.I highly recommend Empire Construction to anyone considering a purchase of hurricane shutters. Thanks again. Please say Hi to everyone,