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Mitigate Before it’s too late

On January 23, 2013, Robin Smith Westcott, Esq., Florida's Insurance Consumer Advocate, presented to the Senate Banking and Insurance Committee strategies for enhancing public safety in Florida through centralized mitigation systems. Key recommendations include the establishment of an Advisory Council, a public database of mitigation efforts, leveraging federal flood programs, and innovative restructuring of mitigation credits. Emphasis is placed on the importance of education and outreach to ensure communities understand insurance and mitigation opportunities, ultimately improving resilience against disasters such as hurricanes and sinkholes.

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Mitigate Before it’s too late

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  1. Mitigate Before it’s too late Senate Banking and Insurance Committee January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida

  2. CENTRALIZE – CONSOLIDATE - MITIGATE • ADVISORY COUNCIL • PUBLIC MODEL • DATABASE OF MITIGATION • LEVERAGE OF FEDERAL FLOOD PROGRAM • RESTRUCTURE MITIGATION CREDITS • COMMERCIAL PROPERTIES • MITIGATION PROGRAMS & GRANTS • OUTREACH & EDUCATION

  3. Move Responsibility for thePublic Model OIR DEM Public Model Division of Emergency Management Office of Insurance Regulation

  4. Centralize Data • Hurricane Risk • Sinkhole Risk • Mitigation Features • Insurable Values • Rating Information

  5. Market Value Does not EqualReplacement Cost Broward County Built 1978   Square Foot 1475 2001 Purchase Price  $163,000 2003 Purchase Price $216,000 2008 Purchase Price $185,000 2012 Market Value  $163,840  Insurance Coverage A Limit $224,600  - Premium $2,420

  6. Mitigation in the Coastal Account is Better Bang for Buck • For every $1.00 spent on reinsurance and Cat bonds the expected recovery is .16 cents. • For every $1.00 spent on mitigation the expected loss savings is $2.00.

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