Consumer eViews

Volume 3 Number 21
May 22, 2006

Consumer Services HelpLine Number 800-342-2762

On May 5, 2006, the Florida Legislature approved legislation that directs the Florida Department of Financial Services to create a new program to help Floridians strengthen their homes against hurricanes and to reduce hurricane exposure in our state.

The “Florida Comprehensive Hurricane Damage Mitigation Program” will offer free home inspections and matching grants up to $5,000 for specific home improvements to qualified homeowners. As required by the new law, our department must take certain steps before the program can be implemented and before homeowners can apply for inspections and grants.

This new program, signed into law on May 16, offers an unprecedented opportunity to help thousands of Floridians better protect themselves and their families against hurricanes. The program will be a massive undertaking but is a priority for our agency to have up and running as quickly as possible.

As we move forward, we will keep you apprised of our progress and the information as it becomes available.

We look forward to serving you.

CFO Tom Gallagher and
Governor Jeb Bush
CFO Gallagher and Senate
President Tom Lee

INSURANCE RELIEF BILL STEP IN RIGHT DIRECTION

$1.2 billion set aside to help reduce premiums, hurricane-proof homes

After two years of intense lobbying by Florida Chief Financial Officer Tom Gallagher and other consumer advocates, the Florida Legislature this year approved $1.2 billion to help ease the impact of rising property insurance rates caused by two unprecedented hurricane seasons.

Tom Gallagher, Florida’s chief financial officer, issued the following statement after Governor Jeb Bush signed the legislation into law:

“The Legislature was given a very complex and difficult task. After eight hurricanes inflicting $30 billion of insured losses, there were no easy solutions,” said Gallagher. “The bi-partisan legislation is a step in the right direction, and it accomplishes two goals that I have been fighting for since 2004. First, we’re giving a billion dollars back in tax relief to help Floridians deal with rising insurance costs and prepare for future storms. Second, the new law will help stabilize the market by attracting new companies and offer alternatives to the insurer of last resort. CONTINUED

CFO GALLAGHER ON SCRIPPS FLORIDA

Florida’s Chief Financial Officer Tom Gallagher helped Scripps Florida, a state-of-the-art biomedical research institute, move one step closer to becoming a reality. As a member of the Florida Cabinet, Gallagher approved putting Scripps Florida on the Jupiter campus of Florida Atlantic University (FAU).

“Scripps Florida is a monumental step toward diversifying our state’s economy and creating high-wage, high-tech jobs,” said Gallagher. “Now we need to concentrate our efforts on graduating Florida students who are qualified and ready to take advantage of the opportunities that Scripps Florida has to offer.”

The governor and Cabinet approved a new 99-year lease for FAU and 99-year sublease to establish Scripps Florida on the FAU campus, which is state-owned land. The governor and Cabinet serve as trustees of the Internal Improvement Trust Fund, which holds title to the 30 acres on which Scripps Florida will operate.

In November 2003, Florida approved an investment of $310 million from federal economic development stimulus dollars to facilitate the start-up and operation of Scripps Florida to enhance biomedical education, research and technology, and to promote economic development and diversity in Florida.

BE PREPARED: HAVE A STORM PLAN FOR YOUR BUSINESS

A hurricane is just one of many natural disasters that business owners must prepare for.

In creating your business's natural disaster preparedness plan, owners must first conduct a self-assessment of their business. They need to ask themselves such questions as:

1. Have I determined what parts of my business need to be operational as soon as possible following a disaster, and plan how to resume those operations?

2. Do we have a disaster plan in place to help ensure the safety of each staff person until help can arrive?

3. Are we prepared to stay open for business if our suppliers cannot deliver, our markets are inaccessible, or basic needs (e.g. water, sewer, electricity, transportation) are not available?

In creating your business self-assessment questionnaire, talk to your company's financial institution, insurance company and local public officials about continuation of operations planning. CONTINUED

UNCLAIMED PROPERTY AUCTIONS PLANNED FOR SUMMER

Department continues to pro-actively search for owners and heirs

Two auctions have been scheduled for this summer in Jacksonville and Tampa to sell an overflow of jewelry, collectibles and historical items that are fast filling up the state’s unclaimed property vault.

The auctions will be held July 14-15 in Jacksonville and August 25-26 in Tampa, with proceeds from the auctions to go to Florida’s public schools. For more information, visit www.fltreasurehunt.org and click on auction.

Since 2003, Florida’s Chief Financial Officer Tom Gallagher, who oversees the Department of Financial Services, Bureau of Unclaimed Property, has returned nearly $300 million in cash and property to current or former Floridians. That’s about one-third of all of the cash and property returned since the program’s inception in 1961. The department is currently holding unclaimed property valued at more than $1 billion.

“In the fast pace of modern life, it is easy to forget to collect a last paycheck, close a bank account, or get a utility deposit back,” Gallagher said. “But we’ve made it just as easy to find it. With the click of the mouse or a phone call you might find lost treasure.”

Owners or heirs can claim their cash or property for free by logging on to www.fltreasurehunt.org or by calling 1-88-VALUABLE (1-888-258-2253.) CONTINUED

HURRICANE TAX HOLIDAY IS UNDER WAY

It is time to get ready for hurricane season and, now through June 1 when the season begins, you can buy many of the supplies you need tax free.

The Legislature implemented the 12-day Hurricane Preparedness Sales Tax Holiday to encourage Floridians to stock up on hurricane supplies such as batteries, flashlights, generators and storm shutters. The holiday is projected to save Floridians an estimated $41 million during the holiday.

“It is imperative that homeowners finalize their preparations for what is predicted to be another active storm season,” said Tom Gallagher, Florida’s chief financial officer. “The more you prepare now, the better protected your home and family will be if a storm affects your community.”

Florida has been devastated by eight hurricanes in the past two years that left $30 billion worth of damage. This year, forecasters predict as many as 15 named storms with possibly six reaching category 3 or higher, but a recent Mason-Dixon poll of coastal residents indicates Floridians may not be prepared. CONTINUED