We have been researching the new sinkhole coverage in Pasco and Hernando Counties. On January 1, 2010 the rules apply to your policy in Pasco and Hernando counties. Please go to the Florida web site and look up Florida Statute 627.706 (5) pertaining to sinkhole coverage. Here are some of the changes for our counties. I found the information at myfloridahouse.gov
This is part of the new statute:
Be It Enacted by the Legislature of the State of Florida: 25 Section 1. Subsection (5) is added to section 627.706, 26 Florida Statutes, to read: 27 627.706 Sinkhole insurance; catastrophic ground cover 28 collapse; definitions. 29 (5) An insurer offering sinkhole coverage to policyholders before or after the adoption of s. 30, chapter 2007-1, Laws of 31 Florida, may nonrenew the policies of policyholders maintaining 32 sinkhole coverage in Pasco County or Hernando County, at the 33 option of the insurer, and provide an offer of coverage to such 34 policyholders which includes catastrophic ground cover collapse 35 and excludes sinkhole coverage. Insurers acting in accordance36 with this subsection are subject to the following requirements: 37 (a) Policyholders must be notified that a nonrenewal is for 38 purposes of removing sinkhole coverage, and that the 39 policyholder is still being offered a policy that provides 40 coverage for catastrophic ground cover collapse. 41 (b) Policyholders must be provided an actuarially 42 reasonable premium credit or discount for the removal of 43 sinkhole coverage and provision of only catastrophic ground 44 cover collapse. 45 (c) Subject to the provisions of this subsection and the 46 47 insurer shall provide each policyholder with the opportunity to 48 purchase an endorsement to his or her policy providing sinkhole 49 coverage and may require an inspection of the property before 50 issuance of a sinkhole coverage endorsement. 51 (d) Section 624.4305 does not apply to nonrenewal notices.
