AAIS (the American Association of Insurance Services), a national non-profit insurance advisory group, has received approval for its new Florida Homeowners By-Peril Insurance Program from the Florida Office of Insurance Regulation (FLOIR).
With all of the unique insurance issues in Florida, from severe weather to continuous regulatory and litigation issues, AAIS representatives say their Florida Homeowners By-Peril Program will provide a solution to problems some carriers face.
About the program
The AAIS By-Peril program enables carriers to manage specific property exposures by the peril causing losses. The By-Peril rating program uses algorithms and loss cost selections that account for unique elements required in Florida.
AAIS says the newly approved program also includes a fresh form set, designed specifically to address unique risks to Florida, primarily weather risks, including hurricanes, wind, water and sinkholes, as well as legal, regulatory and other exposures specific to the Sunshine State.
“Insurers navigating the Florida market need a dynamic homeowners policy with adaptable coverage and a strong rating tool to help price their product appropriately,” John Kadous, Vice President of AAIS Personal Lines and Auto said in a statement.
“The all-new AAIS Homeowners By-Peril Program helps Member carriers create and manage exposures from Florida’s distinct weather conditions, and unique legal and regulatory environment, so they can succeed in a competitive market.”