RMS Study Concludes Windstorm Mitigation Credits a Significant Factor in Reported Florida Insurance Premium Decline
Mar 26, 2010
A comprehensive study by Risk Management Solutions (“RMS”) on windstorm mitigation credit implementation in the State of Florida and its impact on the insurance industry has concluded that the current system is a significant contributing factor in the reported decline of Florida insurance premium income since 2007.
Reductions on wind insurance premiums for residential policyholders, known as windstorm mitigation credits, are based on the ability of a home to withstand wind damage. With the intention of promoting stronger construction practices across the State of Florida, credits are offered for such construction features as roof strength, roof covering performance and opening protection.
The study was conducted on behalf of the Florida Department of Financial Services and based on a set of objective analyses designed by RMS. The full report was presented to key members of the Florida Legislature on March 19, 2010.
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