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( 2.9 / 346 )Homeowners Brace for Insurance Changes
PORT RICHEY - A January 1st deadline is fast approaching for Pasco and Hernando County homeowners.
That's when insurance companies can drop their sinkhole coverage.
It is making a lot of business for inspector Billy Fernandez.
"I see about one or two homeowners' associations a month. I've done more than 150 inspections over the last two months," he said.
Many people are eager to get their homes tested for possibly sinkhole activity because of the new rights insurance companies will have on January 1st.
"The insurance companies are going to have the right to not offer sink hole coverage or not offer it any more," according to Sharon Cavaliere of Beneficial Public Adjusting Service. "People who have paid for it up until now really need to address it while they have the opportunity."
Tuesday, Fernandez spoke to a group of home and business owners. Some in the audience were bothered by the approaching changes.
"I don't know what replacement costs would be," said Traci Czyznick, a homeowner who listened to Fernandez' presentation. "We've been in our house for five years, but we've seen little changes going on. It could be devastating. What would we do if there was a lot of damage? Where would we live, how would we pay for two places?"
Fernandez said he's inspected at least 50 homes in Pasco County a week. The inspections are free.
For more information call 813-926-2300
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( 2.9 / 547 )ENROLLED
2009 Legislature CS for SB 742, 1st Engrossed
2009742er
1
2 An act relating to sinkhole losses; amending s.
3 627.706, F.S.; authorizing an insurer offering
4 sinkhole coverage before or after a certain date to
5 nonrenew the policies of policyholders maintaining
6 sinkhole coverage in Pasco and Hernando Counties, at
7 the option of the insurer, and provide an offer of
8 coverage to such policyholders which includes
9 catastrophic ground cover collapse and excludes
10 sinkhole coverage; requiring that an insurer taking
11 such action meet specified requirements; creating s.
12 627.7063, F.S.; defining the term “sinkhole loss
13 prevention ordinance”; requiring the Financial
14 Services Commission to adopt a building code
15 effectiveness grading schedule by rule to evaluate the
16 effectiveness of sinkhole loss prevention ordinances
17 in reducing the number of sinkhole claims and the
18 severity of sinkhole losses; requiring insurance
19 discounts and surcharges based on the grade assigned
20 to a sinkhole loss prevention ordinance; providing an
21 effective date.
22
23 Be It Enacted by the Legislature of the State of Florida:
24
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
30 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 accordance
36 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 insurer’s approved underwriting or insurability guidelines, the
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
52 issued pursuant to this subsection.
53 Section 2. Section 627.7063, Florida Statutes, is created
54 to read:
55 627.7063 Building code effectiveness grading schedule.—
56 (1) As used in this section, the term “sinkhole loss
57 prevention ordinance” means a county ordinance that amends the
58 Florida Building Code and that is intended to reduce the number
59 of sinkhole claims and the severity of sinkhole losses.
60 (2) The commission shall adopt a building code
61 effectiveness grading schedule by rule. The grading schedule
62 shall evaluate the effectiveness of each sinkhole loss
63 prevention ordinance in reducing the number of sinkhole claims
64 and severity of sinkhole losses. Each ordinance shall be
65 evaluated 4 years after the ordinance takes effect. The grading
66 schedule shall be based on the effectiveness of code enforcement
67 in each county and scientific, modeling, and engineering
68 methodologies. The rules shall further mandate insurance premium
69 discounts or surcharges on personal residential property
70 insurance based on a property’s compliance with an ordinance and
71 the grade assigned to the applicable sinkhole loss prevention
72 ordinance.
73 Section 3. This act shall take effect January 1, 2010.
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( 3 / 461 )HUDSON - A quaint home on a nice street in the Beacon Woods subdivision has no more front yard. It was swallowed Thursday by a sink hole.
Jackie Boone watched the sinkhole as it grew.
"It was little by little, and then suddenly, it was like thunder -- it all just caved in," Boone said.
Engineering crews scrambled all day Thursday to stabilize the sink hole trucking in load after load of fill. Nonetheless, it continued to expand. By day's end, the corner of a two-car garage was hanging over the edge of the hole.
The home is vacant and for sale.
The large sink hole may serve as a wake up call to people in Pasco and Hernando Counties. As of January home owners' insurance rules change because of what's called Bill 742.
"Bill 742 states that all insurance companies have the right to not renew sink hole coverage in Pasco and Hernando counties," said Billy Fernandez, who directs operations for RAB Foundation Repair. In fact, Fernandez told Fox 13 he has been busy speaking to homeowners' associations helping them prepare for the coming insurance change.
"I have met with over six or seven home owners' associations to explain the bill. I've done over 100 inspections in the last month, telling homeowners what the damage is if it's consistent with sink hole activity or not, whether their neighborhood has sink hole activity, just to help them out," Fernandez said.
In the meantime, neighbors watched as the sinkhole continued moving their direction. Bill McCauley lives next door.
"Very scary, very scary. I hear this little rumble, a little louder rumble, and I heard splash and I knew exactly what it was."
With recent sink hole activity and the coming insurance regulation change, Fernandez said homeowners should be prepared. His company will provide free sink hole inspections.
Fernandez can be reached at 727-842-7465
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( 2.9 / 423 )SPRING HILL - Few people can forget the amazing video from a Spring Hill neighborhood last month when a sink hole swallowed an entire house.
The kind of damage that destroyed that house is rare, but the reality is most sink holes cause cracks in walls and foundations. Pasco and Hernando counties account for most of the sink hole activity in Florida.
Billy Fernandez should know, he runs RAB Foundation Repair.
"We have eight to ten crews on the job at all times, we have plenty of resources to keep up with Pasco and Hernando , Pasco and Hernando are the busiest counties in the state," Fernandez said.
On Tuesday the Pasco County Commission will vote on a proposed change to the building code, a change sponsored by commissioner Michael Cox. The new code would require foundations built in sink hole prone areas to be reinforced with extra steel.
"Adding steel or reinforcing the slab in the foundation will certainly prevent a lot of minor damage," according to Alan Marshall, a Pasco County attorney who specializes in representing sink hole victims.
Not everyone is convinced the tougher building codes will work.
"There are no studies show adding reinforced steel or adding to the slab will prevent sink hole damage," according to Jennifer Doerfel from the Tampa Bay Home Builders Association.
Fernandez meanwhile likes the newer tougher standards. He says the average sink hole repair bill can exceed $60,000.00.
For more information about sink holes and sink hole repairs, visit sinkholerepairexperts.com or call 727-422-6665. Pasco County Commissioners will vote on the building code changes Tuesday.
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