1

A bill to be entitled

2

An act relating to Pasco County; creating the "Pasco

3

County Property Insurance Rate Reduction Act"; providing

4

legislative findings and intent; requiring insurance

5

companies that provide property insurance coverage in

6

Pasco County, when establishing property insurance rates

7

for the county, to take into consideration local efforts

8

and ordinances directed toward reducing the risk of loss

9

due to sinkhole activity; providing an effective date.

10

11

Be It Enacted by the Legislature of the State of Florida:

12

13

     Section 1. Property insurance rates; required data for

14

consideration.--

15

     (1) SHORT TITLE.--This section may be cited as the "Pasco

16

County Property Insurance Rate Reduction Act."

17

(2) LEGISLATIVE FINDINGS AND INTENT.--

18

(a) The Legislature, by enacting chapter 125, Florida

19

Statutes, has delegated to county government the power to adopt

20

ordinances that protect the public health, safety, and general

21

welfare of its residents.

22

(b) Due to a large number of ground-settlement insurance

23

claims within Pasco County, the county's residents have been

24

subjected to increased property insurance rates by insurers.

25

     (c) Pasco County officials have taken substantial steps to

26

reduce increases in property insurance rates by enacting local

27

ordinances intended to mitigate the risk of loss due to sinkhole

28

activity.

29

     (3) LOCAL EFFORTS TO MITIGATE; INSURERS REQUIRED TO

30

CONSIDER RISK DATA.--When establishing property insurance rates

31

for residents of Pasco County, insurance companies must take into

32

consideration Pasco County ordinances and local amendments to the

33

Florida Building Code which reduce the risk of loss by reducing

34

or eliminating geologic hazards.

35

     Section 2.  This act shall take effect upon becoming a law.