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(6.) The homes are not located in Florida and thus are not eligible for the new FWUA mitigation incentive program.
When the FWUA applied last year for the rate hike that took effect July 1, covering this sort of damage was taken into account, Natherson said.
The insurance department says the rate hike averages 96%, but the FWUA says that with premium discounts for safety measures, the maximum increase is 40%.
"Since Hurricane Andrew," Fussell said, "non-FWUA property policyholders have been forced to pay over $236 million in assessments, all in the name of inadequate rates for those with FWUA policies."
Currently FWUA has 414,000 policyholders, of which 82 percent are residential risks.
"Florida law allows the FWUA or any other insurer the right to appeal decisions by the commissioner through an arbitration panel," said Patrick Musick, assistant vice president of property/casualty for the Alliance of American Insurers.
Other insurance industry representatives supported the depopulation of the FWUA, but said that the Authority does complement the efforts of the private market.
Buddy McCue, a representative of the Tallahassee-based Florida Association of Insurance Agents, told the National Underwriter that carriers would only depopulate the FWUA if non-wind coverage was made available.
The FWUA also filed for a rate increase in early May which they claim could possibly eliminate the need for future rate increases.
Currently, the risks are based on fire and other liability hazards, but the goal of the FWUA is to develop a methodology that could eventually be used to assess the hurricane risk of individual homes.
Also, according to Pride, the DOI has sent the FWUA a letter asking the FWUA to clarify why such steep increases are needed in Florida.
will be removing 91,000 homeowners policies from the Florida Residential Property Casualty Joint Underwriting Authority, as well as 40,800 from the FWUA. The takeout is the first one to have been approved by the department.
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