A Florida court has upheld a decision by state insurance regulators that property insurers must offer sinkhole loss coverage in an amount equal to the dwelling coverage limit.
Farm Bureau asked the Office of Insurance Regulation to approve an amendment form limiting sinkhole loss coverage to 25 percent of the overall coverage amount. When OIR rejected the Farm Bureau request, the insurer turned to the courts.
The 1st District Court of Appeal said that deductibles are tied to casualty coverage limits in the base policy, concluding the amount of sinkhole loss coverage is intended to be the same as the amount of coverage provided in that policy.
Florida property insurers are required to provide catastrophic ground cover collapse in addition to optional sinkhole coverage.
Topics Profit Loss Florida
Was this article valuable?
Here are more articles you may enjoy.
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
Progressive Now 4th Largest Global Insurer; RenRe Fastest Growing in ’24 
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
The Future of the Agency in a World of AI From This Issue
