| 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 | purpose of the act; requiring property insurance companies |
| 5 | writing insurance policies in the county to take into |
| 6 | consideration certain county ordinances and amendments to |
| 7 | the Florida Building Code when setting property insurance |
| 8 | rates for county residents; providing an effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Pasco County Property Insurance Rate |
| 13 | Reduction.-- |
| 14 | (1) SHORT TITLE.--This act may be cited as the "Pasco |
| 15 | County Property Insurance Rate Reduction Act." |
| 16 | (2) PURPOSE.-- |
| 17 | (a) The Legislature has in chapter 125, Florida Statutes, |
| 18 | delegated to local governments the responsibility to adopt |
| 19 | regulations designed to protect the public health, safety, and |
| 20 | general welfare of their citizens. |
| 21 | (b) Due to a large number of ground settlement insurance |
| 22 | claims within Pasco County, Pasco County's residents have been |
| 23 | subjected to increased property insurance rates by insurers. |
| 24 | (c) Pasco County officials have taken substantial steps |
| 25 | to reduce increasing property insurance rates through the |
| 26 | enactment of local ordinances focused upon mitigating insurer |
| 27 | sinkhole risk. |
| 28 | (3) INSURERS REQUIRED TO CONSIDER LOCAL EFFORTS AND |
| 29 | ORDINANCES WHEN ASSESSING RISK AND SETTING PROPERTY INSURANCE |
| 30 | RATES.--Property insurance companies writing insurance policies |
| 31 | in Pasco County are required to take into consideration Pasco |
| 32 | County ordinances and local amendments to the Florida Building |
| 33 | Code to effectuate the reduction or elimination of geologic |
| 34 | hazards and ordinances geared toward reducing insurer risk when |
| 35 | setting property insurance rates for Pasco County residents. |
| 36 | Section 2. This act shall take effect upon becoming a law. |