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Limited Liability Sinkhole Coverage Bill Passed

LtdSinkholeCoverageBills-PassedBeginning July 1, 2016 Florida residents will now have more sinkhole insurance coverage options.

S.B. 1274 was signed into law by Governor Rick Scott on April 6th.   An article by Buchanan Ingersoll & Rooney PC notes, This newly created Section 627.7151 of the Florida Statutes will allow insurance companies, at their option, to provide limited sinkhole coverage insurance to homeowners, which would provide coverage for a “sinkhole loss,” which is a lower threshold of damage than “catastrophic ground cover collapse” and is defined as “structural damage to the covered building, including the foundation, caused by sinkhole activity.”

Read full article here.