COMMITTEE TO SIMPLIFY HOMEOWNERS INSURANCE POLICIES FOR FLORIDIANS MET OCTOBER 28
The Standard Personal Lines Advisory Committee held its second meeting Friday, October 28th, at the Capitol in Tallahassee. The committee met in Room 110 of the Senate Office Building from 10 a.m. to 5 p.m.
During this meeting, Tom Terfinko, assistant director of the Division of Consumer Services in the Florida Department of Financial Services, addressed the committee and provided examples of coverage issues that consumers found to be confusing during the 2004 hurricane season.
Richard Koon, senior management analyst of the Office of Insurance Regulation, Property and Casualty Product Review, provided an in-depth overview of each section of the homeowners contract along with the applicable endorsements.
The committee has an interesting and involved task ahead of it.
State lawmakers called for the committee in response to Chief Financial Officer Tom Gallagher’s concern that many victims of the 2004 hurricanes were not adequately protected because they either did not understand the complex language in their insurance policies or had not updated their policy limits to keep pace with increasing property values. The committee is tasked with developing proposals to simplify howmeowners policies and forwarding the recommendations to legislative leaders in January.