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Florida’s Fragile Property Insurance Market

Floridas 2011 legislative session was the most active in the past 30 yearsespecially in the property insurance arena. Bills dealing with sinkhole reform, replacement cost reform, and Citizens Property Insurance Corp. were at the top of the to-do list for lawmakers.

By David Miller, Lisa Miller | Updated on May 30, 2011

The 2011 legislative session was, according to seasoned insurance industry professionals, the most active in the past 30 years—especially in the property insurance arena. Bills dealing with sinkhole reform, replacement cost reform, and Citizens Property Insurance Corp. were at the top of the to-do list for committees overseeing the insurance statutes. Though the problems and appropriate solutions seemed clear to the industry, lobbying groups representing other interests (primarily public adjusters and their trial lawyers) did their best to undermine efforts to stabilize the market. Despite their actions, some positive changes were made.

Sinkhole Claims InsanityThroughout the 2011 legislative session, heated discussions centered on the proliferation of sinkhole claims and the reluctance of insurers to provide the coverage, citing the explosion of claims filed by policyholders who are, for the most part, encouraged to do so by unscrupulous public adjusters. While the 2005 law changes make filing these claims perfectly legal, they are the very claims contributing to Florida’s sinkhole claims insanity.

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