Lawmakers Delay Action on Property Insurance Bill

By: Associated Press
By: Associated Press

Tallahassee, FL (AP) - A Senate committee has delayed voting on a proposed property insurance bill designed to crack down on fraudulent or excessive sinkhole claims.

Although it appeared the Banking and Insurance Committee was about to approve the bill (SB 408), until some late public testimony in Monday's sometimes testy meeting persuaded the panel's chairman and bill's sponsor to postpone a vote.

Sen. Garrett Richter, R-Naples, said he wants to allow the committee an opportunity to hear more about the business-backed proposal.

The panel had already knocked down a series of amendments offered by Sen. Mike Fasano, R-New Port Richey, who says loosening the reins on insurers would make it easier for them to refuse to provide sinkhole coverage.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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  • by Anonymous on Feb 8, 2011 at 10:09 AM
    After Hurricane Andrew in 1992, property insurance rates were kept artificially low due to political implications, meaning votes and the entire property insurance market in Florida has been a mess ever since. You can thank former Insurance Commissioners Tom Gallagher (Republican) and Bill Nelson (Democrat) for that. You want your insurance company to have a huge pile of money in reserve. Where do you think they get that money and guess what happens if they don't get it? Your company is bankrupt and your claim is not paid. If companies had been allowed, over the last 18.5 years, to have gradual rate increases,(like withholding taxes from your paycheck) slight increases would be easier to swallow rather than the huge bill coming due all at one time. Former Insurance Tom Gallagher is out of politics and Former Insurance Commissioner Bill Nelson is our current Senator in Washington and there is no debate about the fact that he must be defeated in his next reelection bid. All facts!
  • by why me? Location: wakulla county on Feb 8, 2011 at 04:30 AM
    I pay a fourth of my homeowner's insurance premium to the "emergency hurricane fund", which means I pay extra so other people can live by the beach. This is ridiculous. I also pay the same extra premium on my car policy. This is the state's mandate, not my insurance company's. This is a reverse Robin Hood policy.
  • by Surprise Location: leon county on Feb 8, 2011 at 03:58 AM
    What our elected that inc. our "Lets get to work" dude needs to crack down on is the raise $$$$$ in my property insurance each year with no storms, no claims and I live on high ground 50 miles from the gulf its getting old and I vote. "Warning" ~ Yawl will hear me when I vote. GRrrrrrr.
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