The Senate Banking Committee and one of its subcommittees dealt this week, however superficially, with two issues that should be of interest to a lot of homeowners. Hopefully these won’t be problems that they have just teed up and then punted into obscurity. Both are worthy of discussion if not action.

Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and Charles Schumer, Chairman of the Joint Economic Committee both made statements on April 11. Dodd was concerned with homeowners’ insurance issues, especially on the gulf coast but certain to not be limited to that area while Schumer was seeking relief for homeowners in the midst of the subprime mess. Read more

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After the devastation wrought by Hurricane Katrina, more and more Americans are worried about whether their homes are protected in case a similar event occurs. So how do you know if your home is properly insured?

According to Jeanne Salvatore, senior vice president of the Insurance Information Institute, “Homeowners should contact their insurance agent or company representative at least once a year to make sure that their insurance is up to date.”

When you do, there are three questions you should ask your agent:

Do I have enough insurance to rebuild my home? Make sure your policy covers the cost of rebuilding — and don’t confuse the real estate value of your house with what it would cost to rebuild in case of damage. And remember, most standard policies, which usually cover disasters such as fire or hurricanes, do not include flood coverage. Consider buying coverage from the National Flood Insurance Program (www.floodsmart.gov), or buy additional coverage from your current carrier. Read more

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TALLAHASSEE· With homeowners still feeling the pinch of high insurance premiums despite the Legislature’s promises in January to cut rates, Gov. Charlie Crist made a rare, personal appeal to legislators on Monday to not lose sight of the state’s property insurance crisis.

At a Senate Banking and Insurance Committee packed with insurance industry lobbyists, Crist touted a bill that could send more business to Florida’s state-run insurance company.

It was the first time a governor has testified at a legislative hearing in nearly a decade; in 1998, Democratic Gov. Lawton Chiles spoke to a committee headed by then-state Sen. Charlie Crist. The issue then was how the state intended to spend a major lawsuit settlement with tobacco companies.

Monday’s meeting came to a brief but heated standoff between Crist and insurance lobbyists. With the committee’s agenda packed and time running out, senators finally voted 8-1 to approve the bill after amending it to allow consumers to pick Citizens Property Insurance Corp. if the best offer they get from a private insurer is at least 15 percent higher than Citizens’ quoted rate for an annual premium. Read more 

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TALLAHASSEE· With homeowners still feeling the pinch of high insurance premiums despite the Legislature’s promises in January to cut rates, Gov. Charlie Crist made a rare, personal appeal to legislators on Monday to not lose sight of the state’s property insurance crisis.

At a Senate Banking and Insurance Committee packed with insurance industry lobbyists, Crist touted a bill that could send more business to Florida’s state-run insurance company.

It was the first time a governor has testified at a legislative hearing in nearly a decade; in 1998, Democratic Gov. Lawton Chiles spoke to a committee headed by then-state Sen. Charlie Crist. The issue then was how the state intended to spend a major lawsuit settlement with tobacco companies.

Monday’s meeting came to a brief but heated standoff between Crist and insurance lobbyists. With the committee’s agenda packed and time running out, senators finally voted 8-1 to approve the bill after amending it to allow consumers to pick Citizens Property Insurance Corp. if the best offer they get from a private insurer is at least 15 percent higher than Citizens’ quoted rate for an annual premium. Read more 

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