(1) As used in this section, the term “sinkhole loss prevention ordinance” means a county ordinance that amends the Florida Building Code and that is intended to reduce the number of sinkhole claims and the severity of sinkhole losses.
(2) The commission shall adopt a building code effectiveness grading schedule by rule. The grading schedule shall evaluate the effectiveness of each sinkhole loss prevention ordinance in reducing the number of sinkhole claims and severity of sinkhole losses. Each ordinance shall be evaluated 4 years after the ordinance takes effect. The grading schedule shall be based on the effectiveness of code enforcement in each county and scientific, modeling, and engineering methodologies. The rules shall further mandate insurance premium discounts or surcharges on personal residential property insurance based on a property’s compliance with an ordinance and the grade assigned to the applicable sinkhole loss prevention ordinance.
History.—s. 2, ch. 2009-178.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part X - Property Insurance Contracts (Ss. 627.701-627.7154)
627.701 - Liability of insureds; coinsurance; deductibles.
627.7011 - Homeowners’ policies; offer of replacement cost coverage and law and ordinance coverage.
627.70121 - Payment of claims for dual interest property.
627.70131 - Insurer’s duty to acknowledge communications regarding claims; investigation.
627.70132 - Notice of property insurance claim.
627.7015 - Alternative procedure for resolution of disputed property insurance claims.
627.70151 - Appraisal; conflicts of interest.
627.70152 - Suits arising under a property insurance policy.
627.70153 - Consolidation of residential property insurance actions.
627.7016 - Insurer contracts with building contractors.
627.70161 - Family day care insurance.
627.7017 - Hurricane loss mitigation projects.
627.7018 - Standards for determining risk of coverage.
627.7019 - Standardization of requirements applicable to insurers after natural disasters.
627.705 - Return of unearned premium on overinsured personal property.
627.706 - Sinkhole insurance; catastrophic ground cover collapse; definitions.
627.7061 - Coverage inquiries.
627.7063 - Building code effectiveness grading schedule.
627.707 - Investigation of sinkhole claims; insurer payment; nonrenewals.
627.7072 - Testing standards for sinkholes.
627.7074 - Alternative procedure for resolution of disputed sinkhole insurance claims.
627.713 - Report of hurricane loss data.
627.714 - Residential condominium unit owner coverage; loss assessment coverage required.
627.7142 - Homeowner Claims Bill of Rights.
627.7151 - Limited sinkhole coverage insurance.
627.7152 - Assignment agreements.
627.7153 - Policies restricting assignment of post-loss benefits under a property insurance policy.
627.7154 - Property Insurer Stability Unit; duties and required reports.