HB 351

1
A bill to be entitled
2An act relating to property insurance rate reduction;
3creating the "Property Insurance Rate Reduction Act";
4providing findings; requiring insurance companies writing
5property insurance policies in the state to consider local
6ordinances and amendments to the Florida Building Code
7when setting property insurance rates; providing an
8effective date.
9
10Be It Enacted by the Legislature of the State of Florida:
11
12     Section 1.  (1)  This act may be cited as the "Property
13Insurance Rate Reduction Act."
14     (2)(a)  The Legislature has delegated to local
15governments the responsibility to adopt regulations
16designed to protect the public health, safety, and
17general welfare of residents of this state.
18     (b)  Due to a large number of ground settlement insurance
19claims in portions of this state, owners of property located in
20such areas have been subjected to increased property insurance
21rates by insurers.
22     (c)  Local government officials have taken substantial
23steps to reduce increasing property insurance rates through the
24enactment of local ordinances focused upon mitigating the risk
25of insurers relating to sinkholes.
26     (3)  When assessing risk and setting rates, insurance
27companies writing property insurance policies in this state
28shall consider local ordinances and local amendments to the
29Florida Building Code that are intended to reduce or eliminate
30geologic hazards. Such considerations shall be made for the
31purpose of reducing the level of risk assumed by an insurer
32when setting property insurance rates for persons owning
33property located in this state.
34     Section 2.  This act shall take effect upon becoming a law.


CODING: Words stricken are deletions; words underlined are additions.