Volume 4 Number 39
September 28, 2007

Fellow Floridian:

It appears the Legislature will not take up the issue of Florida’s Motor Vehicle No-Fault Law in a special session set to begin next Wednesday.  This means that the No-Fault law, which for nearly four decades has required drivers to protect themselves and their passengers by buying personal injury protection coverage, will sunset after Monday.     

Floridians must contact their insurance agents to make sure they understand changes that may occur to their policies and the amount of coverage they will have after Monday. 

The Department of Financial Services has insurance consumer specialists ready to assist you with any questions or concerns you may have. Our statewide toll-free helpline, 1-800-342-2762, is available Monday through Friday from 8 a.m. to 5 p.m., and information is also available at http://www.MyFloridaCFO.com/NoFault/.

CFO Sink will continue to pursue options for ensuring drivers have the protections they need, but encourages Floridians to talk to their insurance agents to make sure they have the best possible coverage in the meantime. 

 


Alex Sink

 


John Morrison

 THE CLIMATE CHANGE PERIL THAT
INSURERS SEE
By Alex Sink and John Morrison
Thursday, September 27, 2007; Page A25
Washington Post Op-Ed

Montana is burning again. This summer, some of the nation's worst wildfires incinerated homes, barns and fences, killing livestock and forcing families to evacuate. Wildfires have increased fourfold since the 1980s, and they are bigger and harder to contain because of earlier-arriving springs and hotter, bone-dry summers. Last year's fires broke records; this year could be worse. As courageous firefighters beat back the flames, insurance companies continue to pay out billions for wildfire losses across the West.

Meanwhile, Florida is bracing for the duration of the hurricane season even as rebuilding continues from the eight hurricanes that crisscrossed the Sunshine State in 2004 and 2005. Storms grow ever more intense: Since the 1970s, the number intensifying to Category 4 or 5 hurricanes has almost doubled, costing insurers tens of billions of dollars. 

Montana and Florida are not the only states suffering huge insurance losses from natural disasters. Increasingly destructive weather -- including heat waves, hurricanes, typhoons, tornadoes, floods, wildfires, hailstorms and drought -- accounted for 88 percent of all property losses paid by insurers from 1980 through 2005. Seven of the 10 most expensive catastrophes for the U.S. property and casualty industry happened between 2001 and 2005.CONTINUED
 

 

 

www.FLTreasureHunt.org

 

 

CFO SINK: PUNTA GORDA RESIDENT RECEIVES SIX-FIGURE CHECK FROM UNCLAIMED PROPERTY
State is holding nearly 8 million accounts totaling more than $1 billion.

Florida Chief Financial Officer Alex Sink announced that members of the Department of Financial Services, Bureau of Unclaimed Property (Bureau), returned a six-figure check to a Punta Gorda resident along with a reminder about the importance of regularly checking the Unclaimed Property Web site to determine if the state is holding assets that belong to you or your relatives.

“We work hard to reunite Floridians with their unclaimed assets,” said CFO Sink, who oversees the Bureau. “I encourage all Floridians to visit our Web site at www.FLTreasureHunt.org. With nearly eight million accounts, the chances are good we are holding cash or property for you or someone you know.” 

Tom of Punta Gorda, who asked to be identified only by his first name, was contacted by his brother in Tennessee who uncovered that the state of Florida was holding more than $435,000 in unclaimed cash. The property, left unclaimed by their mother when she passed away, was mostly from mutual fund shares and dividends. Today, the Bureau divided and returned the cash to the brothers, for a total of $217,850 each. CONTINUED

 

 

 MY SAFE FLORIDA HOME FAIR TO BE HELD IN THE TAMPA BAY AREA SATURDAY

CLEARWATER – Florida Chief Financial Officer Alex Sink announced the My Safe Florida Home (MSFH) program will partner with Tampa Bay Area non-profit organizations and businesses to hold a fair designed to raise awareness about the safety and financial incentives of wind mitigation.

The MSFH fair will take place at the Clearwater Harborview Center and adjacent Coachman Park on September 29, 2007, from 10:00 a.m. to 4:00 p.m. The Department of Financial Services, which CFO Sink oversees, is hosting the fair along with the City of Clearwater. More than 60 hurricane-preparedness exhibits will be on display in the Harborview Center with an additional 20 exhibits in Coachman Park. All exhibits and workshops are free to the public.

The Tampa Bay Area My Safe Florida Home fair will be held:
DATE: Saturday, September 29, 2007
TIME: 10 a.m. – 4 p.m.
LOCATION: Harborview Center, 300 Cleveland St.                           Clearwater, Florida 33755

Representatives from the MSFH program will be on hand to sign up eligible homeowners for their free wind inspections. Recently, CFO Sink reported that homeowners who have received inspections from the MSFH program have learned they are already eligible for a discount on their wind insurance premiums. In Hillsborough County, 5,381 homeowners are eligible for discounts averaging $111.26; in Pinellas County 6,870 homeowners are eligible to save an average of $143.86; in Manatee County 1,683 homeowners are eligible to save an average of $189.64; and 2,137 homeowners in Sarasota County are eligible to save an average of $201.60.
 

STATE FIRE MARSHAL’S OFFICE PROVIDES
FREE TRAINING FOR VOLUNTEER FIREFIGHTERS

 Volunteer firefighters from throughout Florida will converge this weekend in Valparaiso to get the latest training on firefighting and investigative techniques dealing with potential manmade and natural threats.

Chief Financial Officer Alex Sink, who also serves as State Fire Marshal and oversees the Florida State Fire College, said the annual Florida Volunteer Firefighter Weekend ensures Florida’s volunteer firefighters have access to regular training to help them better protect their communities and themselves. The event begins on Friday, September 28, 2007, and continues through Sunday, September 30, 2007. Most events will be held at Lewis Middle School, 281 Mississippi Ave., in Valparaiso, just outside the East Gate to Eglin Air Force Base.

“Our goal is to protect the lives of Floridians, especially our firefighters who work hard to protect our families, homes and communities,” said CFO Sink. “We do all that we can to make sure they get back to the firehouse and their families safely after every call.”

Classes will be offered in Emergency Vehicle Operations, Calling the Mayday, Search & Rescue Techniques, Firefighter Safety, and a host of other subjects. For a complete list see www.nwflvolunteerffweekend.com.

This free training is made available through the cooperation of local fire departments, the Florida State Fire College, and the Florida Fire and Emergency Services Foundation.
 

 

 

  20 WAYS TO CELEBRATE FINANCIAL PLANNING WEEK October 1 through 7, 2007
From the Financial Planning Association Web page, http://www.fpanet.org
  1. Balance your checkbook.
  2. Make a monetary contribution to your favorite charity.
  3. Start a savings account for a child, vacation or a gift for yourself.
  4. Help teach your children how to save and spend wisely.
  5. Get your estate in order: create or revise your will and other estate planning documents.
  6. Call your financial planner and share your appreciation for their services.
  7. Pay off a credit card.
  8. Get a head start on college. Investigate college planning options.
  9. Establish an emergency fund.
  10. Evaluate your employee benefits and begin planning for open enrollment.
  11. Develop your holiday spending budget.
  12. Plan for year-end tax strategies.
  13. Purchase a relative, friend or colleague a session with a financial planner.
  14. Give a relative, friend or colleague a subscription to a personal finance magazine.
  15. Invite a financial planner to speak at your workplace.
    Review your insurance coverage.
  16. Write down your short-term and long-term financial goals.
  17. Keep these in a special place and revisit them periodically.
  18. Start using personal finance software to help you see where your money goes and how it grows.
  19. Choose three financial terms that have always baffled you and resolve to look them up and understand them.
  20. Talk to a relative about their plans for long-term care.

 

 BROWARD COUNTY APARTMENT EXPLOSION RULED ACCIDENTAL
Detectives with the Division of State Fire Marshal’s Bureau of Fire and Arson Investigations have determined that an explosion last Thursday at a Deerfield Beach apartment complex was an accidental fire that started in a propane gas line leading to a stove in a vacant apartment.

No life-threatening injuries were reported as a result of the early morning blast at the three-story Deerfield Beach Apartments, located at 1325 S.E. 8th Ave. in Deerfield Beach. Four apartments were burned as a result of the explosion, which detectives said occurred in apartment 303A. Property loss was estimated at $3 million.

“We are relieved that no one was seriously hurt in this explosion and thank all of the agencies involved for their quick response to this tragedy,” said Florida Chief Financial Officer Alex Sink, who also serves as State Fire Marshal.

The Deerfield Beach Fire Department, the Broward County Sheriff’s Office, the U.S. Bureau of Alcohol, Tobacco and Firearms and the Department of Agriculture and Consumer Services’ Bureau of Liquefied Petroleum Gas Inspection assisted with the investigation into the cause of the explosion.