WBBH at 6PM from 18:25 to 18:30 in US/Eastern
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OUR STATE'S INSURER OF LAST RESORT IS LOOKING TO SHUT UP TO 80,000 MORE POLICIES. CITIZENS IS NOW LOOKING AT SEASONAL RESIDENTS AND THOSE WITH SECOND HOMES. NBC TWO'S EVAN DEAN FOUND OUT WHAT IT COULD MEAN IF YOU FALL IN THAT CATEGORY.
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THE WATER LINES ABOUT HERE, MARTING IS AMONG THE MANY WHO HAD TO BUILD BACK AFTER HURRICANE IAN. HE LIVES JUST OFF THE RIVER IN
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REALLY, YOU KNOW, FURNITURE WILL FLOW DIDN'T TURNED UPSIDE DOWN. REFRIGERATORS FLOW DIDN'T TURNED UPSIDE DOWN. IT'S, YOU KNOW, IT'S A MASK. HE AND HIS WIFE LIVED IN THIS TRAILER FOR MORE THAN A YEAR AFTER IAN.
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REPAIRING THEIR HOME WAS A LONG PROCESS. SO ARE THE INSURANCE CLAIMS IT WAS SLOW?
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VERY SLOW. THEY DIDN'T COVER SOME THINGS THAT WE THOUGHT THEY SHOULD COVER. NOT ONLY THAT SINCE THE STORM, HE SAYS THEIR FLOOD INSURANCE RATE HAS NEARLY DOUBLED. WE'RE DISAPPOINTED, WE KIND OF ANTICIPATED MARTING LIKE THE REST OF US IS FEELING THE IMPACT OF
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RIGHT NOW, A BIG PART OF FIXING IT HAS TO DO WITH THE STATE-RUN CITIZENS INSURANCE. IT'S REALLY ESSENTIAL TO HAVE A STABLE INSURANCE MARKET OF
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TO HAVE CITIZENS AT A MANAGEABLE RISK LEVEL. INSURANCE EXPERT MARK FREELANDER SAYS THAT MEANS MOVING POLICIES FROM CITIZENS TO PRIVATE INSURERS. THAT'S HAPPENED WITH MORE THAN 300,000 STANDARD HOME POLICIES SINCE JUST OCTOBER. NOW, NEW LEGISLATION COULD HELP CITIZEN SHADE EVEN MORE POLICIES. IT WOULD ALLOW SURPLUS LINES, INSURERS TO TAKE OUT POLICIES FROM CITIZENS ON SECOND HOMES.
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THERE ARE ABOUT 77,000 SUCH POLICIES IN THE STATE. SECONDARY HOMES HAVE BEEN A BIG ISSUE IN
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BECAUSE MANY OF THE STANDARD HOME INSURERS HAVE STOPPED WRITING THAT THIS THIS SURPLUS LINES INSURANCE ARE NOT REGULATED. THE SAME WAY AS STANDARD INSURERS AND DON'T HAVE THE SAME BACKSTOPS THAT PAY CUSTOMERS OF A COMPANY GOES UNDER.
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BUT THE LEGISLATION WOULD REQUIRE THOSE INSURERS TO HAVE AN A RATING AND BE FINANCIALLY STRONG, GOING WITH A SURPLUS LINES. CARRIER. SHOULD NOT BE A CONCERN.
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FOR A CONSUMER BECAUSE ARE USUALLY VERY HIGHLY RATED AND THE CHANCES OF THEM GOING INSOLVENT ARE VIRTUALLY SARAH. AS FOR MARTING, HE ALREADY HAS SANDBAGS STUFF AHEAD OF THE NEXT STORM SEASON AND A MORE PERMANENT SOLUTION IN THE WORKS BECAUSE OF INSURANCE. AND JUST FOR PEACE OF MIND, BOTH.
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WE'RE GOING TO RAISE THE HOUSE 6 AND A HALF FEET ONCE AND FOR ALL, MAKING SURE THIS DOESN'T HAPPEN AGAIN. THAT'S THAT'S WHAT WE'RE TRYING TO DO. REPORTING LOCAL IN
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ACCORDING TO STATE REGULATIONS, A SURPLUS LINES INSURER COULD ONLY TAKEOUT POLICIES FROM IT CITIZENS IF THEIR PRICES WITHIN 20% OF THE CITIZENS PREMIUM RENEWAL PRICE. IT'S MORE THAN THAT A CUSTOMER CAN UP TO STAY WITH CITIZENS. THE 6TH ANNUAL CAPE
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DOESN'T LOOK TOO BUSY NOW, BUT IT WILL. THIS WEEKEND, THE
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BOTH HOME GAMES AT THE SAME TIME. IS A NIGHTMARE ON YEAH. THAT AREA GETS SO BOGGED DOWN.
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