Measure approved to consider sinkholes in taxes

Mar 4, 2009

Miami Herald–March 4, 2009

The Associated Press

TALLAHASSEE, Fla. — A bill that would allow local governments to reduce property insurance rates for sinkhole mitigation is moving in the Legislature.

The Senate Banking and Insurance Committee unanimously approved the proposal (SB 742) Wednesday. A related bill in the House (HB 351) is also scheduled for committee hearings.

Among other things, the measure would require insurance companies to consider local ordinances and amendments to the state building code to reduce or eliminate geologic hazards when assessing risk and rates.