Property insurance bill passed

Property insurers still have to provide sinkhole coverage for homeowners, but a bill on its way to the governor puts a two-year limit on claims and makes it tougher for homeowners to collect on sinkhole claims by tightening the definition of a sinkhole.

The measure, sponsored by Sen. Garrett Richter, R-Naples, also allows insurers to raise rates by up to 15% for increases in reinsurance costs. The increase, which would have to be approved by the Office of Insurance Regulation, would be in addition to any other rate increases.

In addition, the bill allows insurers to offer all customers a type of policy in which the company would only pay for new items actually purchased to replace old ones. Florida is one of only a few states requiring insurers to pay claims for replacement costs in advance, regardless of whether the insured items are replaced.

After the House amended the bill, and the Senate concurred, the Senate passed it and sent it on to Gov. Rick Scott for his signature.