The Florida Senate Banking and Insurance Committee earlier this week delayed action on a massive property insurance bill aimed at reforming everything from sinkhole claims to the amount of surplus a property insurer should carry.
For the third year in a row, Florida lawmakers have unveiled a major property insurance bill. This years bill seeks to make sweeping changes to everything from sinkhole coverage to how much policyholders could get paid after damages to their home.
The Florida Chamber of Commerce has thrown its support behind this year’s omnibus insurance bill, which closely mirrors last year’s version that was vetoed by then-Gov. Charlie Crist.
The Florida insurer of last resort said inspections of the homes and commercial properties it insurers have uncovered some unjustified mitigation discounts.
As Congress considers ways to resolve wind-versus-water damage disputes, the U.S. House of Representatives for the second time in two weeks opted not to act on a bill that would add windstorm coverage to the National Flood Insurance Program.
Despite the urgings of Florida Insurance Commissioner Kevin McCarty and others, Gov. Charlie Crist has vetoed the state's omnibus property insurance bill passed at the close of the 2010 legislative session.