Florida SB 408, the property package containing sinkhole and other needed reforms, on Friday passed its second committee reference, the Senate Budget Subcommittee on General Government Appropriations. There were two amendments: one that deregulates rates for sinkhole coverage if a company chooses to offer sinkhole coverage and one that removes a key provision that would not have required a new rate filing certification when additional information is requested by the Office of Insurance Regulation. SB 408 does not change the mandate to offer coverage for catastrophic ground collapse, what many see as “true” sinkhole coverage.
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