July 19, 2007

Premium Discounts for Hurricane Loss Mitigation, Office of Insurance Regulation

The Office of Insurance Regulation has prepared a special Internet report on insurance discounts provided by insurance companies for hurricane loss mitigation features, including compliance with the Florida Building Code and retrofitting of older homes. It is an excellent source of information. The overall site is available through the link below:

Premium Discounts for Hurricane Loss Mitigation.htm

Specific discounts offered by insurers are available from this link, but the information may be outdated. As noted below, insurers were required to file revised and, for many carriers, increased discounts by March 1. OIR is still reviewing those filings.

Comparison of Insurers Loss Mitigation Discounts

As OIR notes, this special Internet site is designed to distribute "information for insurers and consumers regarding current and upcoming changes to premium discounts that will be offered by insurers to consumers who harden or reinforce their homes against wind damage."

OIR notes that it is currently reviewing the revised mitigation discount filings which residential insurers were required to file by March 1 and will be providing details on the specific discounts as soon as possible.

As OIR further notes, "In 2005 the Florida legislature passed a law requiring all residential property insurance companies to file with the Office of Insurance Regulation (Office) a range of premium discounts they offer customers who live in homes of certain construction types or who apply loss mitigation devices (like shutters) to their homes."

This requirement has been implemented by OIR through the forms and rules outlined below and available from the Office Internet site:

• Windstorm Mitigation Discounts Rule - 69O-170.017
  
• Windstorm Loss Reduction Credits Form (OIR-B1-1699)
  
• Credits for Existing Construction Form (OIR-B1-1700)
  
• Wind Mitigation Rule – 69O-170.0155 Forms