Florida Senate Bill 792 Would Prevent Insurer, Citizens Non-Renewals After Sinkhole Damage Claims Payments Under Certain Circumstances
Feb 12, 2013
A bill relating to sinkhole damage claims payments was filed yesterday, February 11, 2013, that would prevent insurers from non-renewing property insurance policies even if the cost of repairs exceeded a policy’s limits and the policyholder was responsible for, and paid the difference between the policy limits paid and the cost of repairs.
Filed by Senator John Legg, SB 792 also adds Citizens Property Insurance Corporation to the language in Section 627.707, F.S. that specifies what insurers must do upon receipt of a claim for sinkhole loss to a covered building.
However, SB 792 also amends the law to allow insurers to non-renew a policy in the event a policyholder fails to make repairs after policy limits have been paid.
SB 792 would be effective upon becoming a law. A House of Representatives companion version of the legislation has not yet been filed.
To view the complete text of SB 792, click here.
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