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HurricaneTALLAHASSEE, FL - Experts say forty percent of hurricane property damage comes from storm surge. That's one of the issues the Florida Commission on Hurricane Loss Projection Methodology has to consider when looking at hurricane models.

Hurricane models are computer models that look at property loss. They're what's used to develop insurance rates.

Jack Nicholson, the C.O.O. of Florida Hurricane Catastrophe Fund, says, insurance rates are dipping in Florida. He says, "That's mainly because of private re-insurance cost is coming down. A lot competition for rate return out in the financial market, and a lot of investors are interested in certain types of insurance links securities, catastrophe bonds, and things like that. These are based on insurance risks."

The committee met in Tallahassee Tuesday to review hurricane models to make sure they meet rigorous standards.

Recently passed legislation allows insurance companies to write flood insurance, therefore, now the committee is tasked with modeling flood standards.

Hugh Willoughby, a meteorology expert, says, "From the Galveston hurricane on, most of those disasters resulted in large loss of life rather than large property loss, with the exception of Katrina. Eighty percent of our flood losses come from hurricanes. That may give us a window into being able to do something that's worthwhile."

The flood standards do not have to be adopted until 2017. The committee's next meeting is January 29th.

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Protect yourself against Mother Nature's fury. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami windstorm insurance.

(Article courtesy: Lanetra Bennett via WCTV)
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