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Insurance reform looms before hurricane seasonPosted On Thu, May 20, 2010
As weather experts predict a more violent hurricane season than normal, an insurance reform bill awaits Florida Governor Charlie Crist's signature.
Those with homes insured against hurricanes would see the time frame in which they have the ability to file after damage reduced from five years to three, among other reform measures introduced by the bill. Jeff Grady, president of the Florida Association of Insurance Agents, says are these reforms are vital for those with home insurance.
"You'd think after a number of years without storms, we'd be in pretty good shape," Grady told the Florida Times-Union. "The reality is private property insurance is very fragile in the state of Florida. The marketplace is close to falling apart."
Meanwhile, the Institute for Business and Home Safety has issued several tips for home insurance policy holders looking to protect their homes from wind and water damage resulting from hurricanes.
For example, having a new or well-secured roof is vital to protecting the rest of the home, as is sealing up any openings in exterior walls, and holes or cracks in the foundation.
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