I am opposed to Senate Bill 408.
As the owner of an Independent Insurance Agency, I would like to see a more competitive market. My business as well as my residence is located in Pasco County and have been relegated to being insured by Citizens as well as writing insurance through Citizens. I have seen the premiums, for sinkhole coverage, skyrocket over the past few years, making sinkhole coverage unaffordable for most homeowners. Most of my customers have elected to drop important sinkhole coverage to save on their premium. I understand the need for reform.
I understand the concerns of the Insurance Companies over frivolous claims, however I have also had clients with very legitimate claims and am concerned, as Senator Fasano is concerned, that these customers will not be protected with the pending legislation, or that they will not be able to afford to contribute, by paying for testing, in the case that the insurance company fails to find a sinkhole. Also, wouldn’t insurance companies be inclined to use experts that would be inclined to err on the side of the insurance company. It seems that this already goes on with insurance company expert’s findings, being far different from the consumer’s representation’s expert’s findings.
As Senator Fasano so aptly retorted, to your Senator Richter's comment about homeowners putting “some skin in the game”; “Isn’t a homeowner already putting their sink in the game by paying premiums?”
Another issue, is that Lenders require full coverage on a home. They all require sinkhole coverage, though most are not aware of the difference between, catastrophic sinkhole coverage and the sinkhole coverage that some lawmakers want to make almost impossible for homeowners to afford, or collect on. What will happen to those, that have lenders that are more savvy to what is going on in Florida? Will the lenders “force place” sinkhole coverage on those individuals that cannot afford, or not given the option, to buy sinkhole coverage?
Please contact these legislators as soon as you can to tell them that you oppose Senate Bill 408.
In addition, please tell Representative Nelson that you oppose any companion bill filed in the House.
Florida Senate
Senator Garrett Richter
Chair, Committee on Banking & Insurance
322 Senate Office Building
404 South Monroe Street
Tallahassee, Florida 32399-1100
Phone: (850) 488-2023
Email: richter.garrett.web@flsenate.gov
Florida House of Representatives
Representative Bryan Nelson
Chair, Insurance & Banking Subcommittee
204 House Office Building
402 South Monroe Street
Tallahassee, Florida 32399-1300
Phone: (850) 487-5124
Email: myfloridahouse.gov