In a debate that included sinkholes, profits, "the American way" and—improbably—hens and eggs, the Florida Senate passed SB 408 this morning, the 125-page property insurance bill that has drawn considerable commentary from all sides.
One of the bill's leading opponents, Sen. Mike Fasano, R-New Port Richey, spent most of his floor time today—as he has in the past—on the issue of sinkholes. Fasano, whose legislative district includes the state's sinkhole epicenter of Pasco County, attempted to convince his colleagues to remove a sinkhole amendment that repeals the requirement that private insurers include the coverage in their mandatory offerings.
The insurance industry has complained that fraudulent sinkholes claims have mushroomed over the past few years and cost them significant dollars, and sought relief from the mandate. Fasano has said that without the requirement insurers will not offer the coverage, and homeowners will be left with limited and expensive purchase options if banks and mortgage companies compel them to buy the coverage.
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