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Mitigate Before it’s too late

Mitigate Before it’s too late. Senate Banking and Insurance Committee. January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida. CENTRALIZE – CONSOLIDATE - MITIGATE. ADVISORY COUNCIL PUBLIC MODEL DATABASE OF MITIGATION

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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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