TALLAHASSEE, Fla. – May 18, 2011 – A sweeping measure aimed at reducing costs to property insurers and liability for taxpayers was signed into law Tuesday by Gov. Rick Scott, who said it was a significant first step in restoring the private insurance market in Florida.
Equally important, Scott said the measure (SB 408) will help lower the number of Florida coastal residents now insured by the state-backed Citizens Property Insurance Corp., the state’s largest property insurer with 1.3 million policies, by making it easier for private companies to compete.
“We’ve got to recruit other companies, other insurance companies,” Scott said Tuesday in an interview with the News Service. “We’ve got to make sure Citizens goes back to being the insurance company of last resort.”
Among its changes, the bill allows insurance companies to charge more for policies that pay replacement costs upfront while offering discounts to policyholders who opt to get reimbursed for lost items as they are replaced.
A major provision places more restrictions on sinkhole coverage. The law makes it easier for insurers to challenge claims and shortens to two years the window in which policyholders can file claims.
Much more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260074
Equally important, Scott said the measure (SB 408) will help lower the number of Florida coastal residents now insured by the state-backed Citizens Property Insurance Corp., the state’s largest property insurer with 1.3 million policies, by making it easier for private companies to compete.
“We’ve got to recruit other companies, other insurance companies,” Scott said Tuesday in an interview with the News Service. “We’ve got to make sure Citizens goes back to being the insurance company of last resort.”
Among its changes, the bill allows insurance companies to charge more for policies that pay replacement costs upfront while offering discounts to policyholders who opt to get reimbursed for lost items as they are replaced.
A major provision places more restrictions on sinkhole coverage. The law makes it easier for insurers to challenge claims and shortens to two years the window in which policyholders can file claims.
Much more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260074
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