Information on Hurricane Insurance in Florida – part three
The 2004 hurricane season also left a deep impact on the insurance sector. The year saw hurricanes Charley, Frances, Ivan and Jeanne caused the insurers damage of around $25 billion in the state of Florida. It made the insurers realize that they are at risk not just from one large catastrophic hurricane but several medium-sized hurricanes occurring together. Also, the insurance industry based its premiums on the direction in which the hurricanes would come from; the assumption was that the high-risk areas were those that lay in the path of hurricanes from the Atlantic Ocean, the events of 2004 showed that even mid-sized hurricanes originating in the Gulf of Mexico can cause a lot of cumulative damage.
Insurers were still reeling from the impact of the 2004 hurricane season when Hurricanes Katrina and Wilma struck the next year; the two category five hurricanes so soon after the hurricanes of 2004 meant that there was no trusting historical data which suggested that big hurricanes do not occur frequently. This information had to be factored into the risk assessment for people living in counties most exposed to hurricanes. The result was that insurance companies once again shrunk the amount of cover and increased their premiums. One can gauge the condition and stress placed on home owners when we see that the average premium doubled from 723$ in 2002 to 1465$ in 2007.
The Florida government came up with the FHCF to support the private insurance companies; in the absence of such a body the insurance companies would have probably increased the insurance premiums even more and put many families unable to afford the premiums at severe risk. The FHCF mandated that all property insurance dealers covering risks greater that $10 million will participate in the FHCF fund. There is a minimum amount that the insurance companies are expected to cover in the first round of claim payments every year, if the claim payments exceed the minimum the FHCF may try to cover a fraction of the payment.
The recession is making it difficult for organizations like FHCF to raise money should its present funds be inadequate in the face of a future major hurricane in the time to come.
The Citizens Property Insurance Corporation was formed in 2002 and its objective was to cover not just wind damage but also provide multi-peril property insurance. Today it is the largest property insurer in Florida.
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,