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Windstorm rates head up today
By JEFF HARRINGTON © St. Petersburg Times, published July 1, 2000 Despite an unending legal crusade by Florida Insurance Commissioner Bill Nelson, sharply higher windstorm insurance rates go into effect today. About 450,000 Floridians who are required to buy coverage from the Florida Windstorm Underwriting Association will pay, on average, 96 percent more under the new rate plan. Nelson's office rejected the rate increase last year but was overruled by a three-member arbitration panel. Since then, the insurance regulators have been repeatedly rebuffed by the courts in an effort to stop the increases. On Friday, in the latest courtroom salvo, Nelson's office filed a brief arguing that it should be allowed to block the windstorm association from charging the higher rates until the litigation is resolved. The wind pool has 10 days to respond. Insurance department spokesman Don Pride said a number of homeowners in South Florida have reported getting renewal notices showing decreased coverage along with higher rates. Policyholders "are getting the double whammy, and the only thing (the windstorm association) is basing it on is these computer projections," he said. "There's no experience." More than 90 percent of the policies are in the Miami/Dade/Broward area. The Tampa Bay area accounts for fewer than 15,000 policies: 9,863 in Pinellas County, 4,353 in Pasco County and 726 in Hernando County. The Largo office of the insurance department, which covers the Tampa Bay coastal area, said it has not received any complaints or inquiries from area windstorm policyholders. Regional director Tom Schermaul suspects that's because many have not yet received renewal notices. The changes could add up to $1,200 annually to the cost of insurance, though the increase could be greatly reduced if homeowners install storm shutters and take other steps to improve their home's durability. Using new credits for hurricane-proofing, some policyholders will even see their rates drop. The higher rates are being phased in, with no more than a 20 percent increase in the first year, 30 percent the second year and 40 percent in subsequent years.
 © St. Petersburg Times. All rights reserved. 
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