Florida Insurance Commissioner Kevin McCarty has asked the state’s commercial and residential property insurance industry to collect claims data related to sinkholes.
During the past legislative session, state insurance regulators identified increased sinkhole claims as one of the cost drivers affecting homeowners’ rates. Recently, insurers have reported a substantial increase in the frequency of these claims in areas throughout Florida. To learn more about sinkhole activity, including frequency and severity of claims, as well as geographic location, state regulators have asked for data on sinkhole claims opened in Florida between 2006 and 2010.
According to the Florida Office of Insurance Regulation, the data collected will help regulators more clearly define:
• The types of claims being filed
• Testing procedures to determine the legitimacy of claims
• Costs of inspections
• Geographic location of claims
• Legal fees and public adjuster fees
• Amount of structural loss
State insurance officials will use the results to determine potential regulatory actions, according to McCarty.
Source: Florida Realtors®
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