States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Tools to Set Rates, Business and Industry Trends Analysis

Homeowner’s insurance underwriters in the U.S. have significantly restricted the extent to which they provide coverage.  This trend began as a result of huge losses suffered due to disasters such as hurricanes.  It is also a result of vast homeowner policy claims for mold damage, particularly in southern states.  After hurricane Andrew, Florida legislators attempted to utilize innovative ways to maintain the availability of homeowner’s insurance policies. The state of Florida set up two state-sponsored insurers of last resort that provided windstorm coverage to homeowners who otherwise could not obtain wind coverage in the private market.  Later, the state set…

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