Yet another Florida-based insurer has lost its A financial stability rating. FedNat, based in Sunrise, was downgraded from an A (Exceptional) to an S (Substantial) by analysis firm Demotech on Friday. The company insures nearly 190,000 properties in Florida.
Last month insurers failed to get reforms enacted by the Legislature that would have allowed insurers to offer reduced coverage for roof replacements. Now the Insurance Commissioner says he can authorize it anyway as long as its offered to consumers as a choice.
'If faculty were to teach a subject or come out with an article that went against the Governor's wishes, is it possible that their status can be terminated?'
Insurers want the state Legislature to let them cover only the depreciated value of your older roof, rather than full replacement value. Fannie Mae and Freddie Mac, which back most home loans, say that's not allowed. More and more insurers are offering it as an option, but you might have it and not know. That could be an expensive oversight.
Insurers want the state Legislature to let them cover only the depreciated value of your older roof, rather than full replacement value. Fannie Mae and Freddie Mac, which back most home loans, say that's not allowed. More and more insurers are offering it as an option, but you might have it and not know. That could be an expensive oversight.