Industry News

Disaster insurance a ‘crisis’ in some states

NAR, Congress gather input for long-term solutions

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Discussions are swirling in industry and government circles about insurance problems -- a lingering effect of multiple hurricane disasters in the past two years. On Monday, the National Association of Realtors hosted a symposium in Washington, D.C., to discuss a federal role in assuring affordable disaster-insurance coverage, and on Friday the University of Florida's Center for Real Estate Studies will host an industry conference titled "Florida's Insurance Crisis." Last week, a subcommittee of the U.S. House Committee on Financial Services heard testimony from insurance officials on "Stabilizing Insurance markets for Coastal Consumers." And Florida Gov. Jeb Bush has been pushing for a special session in the state Legislature this year to focus on insurance problems. There are reports of soaring rates and dwindling availability for various coverages that serve the real estate market, including homeowners' insurance and commercial coverages that support the construction trades. Congre...