RMS: Analyzing Effects of the My Safe Florida Home Program on Florida Insurance Risk
Apr 15, 2009
By request of the Florida Department of Financial Services, Risk Management Solutions (“RMS”) has conducted an impact analysis of the My Safe Florida Home (“MSFH”) program.
The RMS® U.S. Hurricane Model was used to analyze the impact of the program on individual structures retrofitted with MSFH grant money. Unlike other studies that focus on the benefits to individual structures, this study explores the benefits on a state-wide basis.
The study found that the MSFH program has reduced the statewide economic liability and the risk carried by the homeowners of the state. As of April 2009, less than 1% of the 4.9 million homes in the state of Florida have been retrofitted under the program. Approximately $93 million in MSFH grants of the $250 million appropriation have been allocated to roughly 32,000 homes. Aware of the current debate about the merits of funding a continuation of the MSFH program, RMS offers the following four key recommendations based on its analysis.
To read the recommendations, click on the link below.