Leslie Scism
speaker
504 appearances
9 recordings
1 series
first heard Sep 2017
last heard May 2023
Leslie Scism’s voice in public audio — every appearance, attributed to the second.
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Appearances
The state has been lucky that it's had 12 years to try to get its system in place because we're 12 years past Katrina in 2005.
which prompted all those withdrawals.
So Irma could be the first test if it does strike Florida.
It could be the test of how well-funded those small insurance companies are.
They're small to mid-size.
They have relatively small capital bases.
However, the state is very rigorous in requiring all of them to purchase large amounts of reinsurance.
This reinsurance comes from companies in London like Lloyd's.
It comes from Bermuda.
One of the companies we interviewed for our story is reinsured by Berkshire Hathaway.
So the Florida government believes that these insurers are going to be in good shape to handle all the claims, even if it's a very bad storm.
Florida did experience the collapse of some small insurance companies along the way.
The collapses generally didn't have anything to do with hurricanes.
They had to do with a spate of sinkhole claims and some other matters.
That particular type of claim wasn't covered by all this reinsurance I was talking about.
So the reinsurance these companies have in place is specifically there to cover hurricane claims.
So a few of these companies did run into problems for other reasons.
One thing our listeners should keep in mind is that their home insurance will cover wind damage and it will cover water damage if the wind blows off their roof or it knocks over a tree that tears off the roof or if debris breaks windows and water comes in.
But readers need to remember that the homeowners' policies don't cover flooding damage.
Flooding is basically defined as water that comes from the ground and rises up into a house, like it can be coming from a river, it can be coming from the ocean, but it's water that basically enters at ground level and moves up.
Showing 481–500 of 504 · page 25 of 26
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