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Sinkhole insurance

Supreme Court: Policyholders’ rights restricted after insurer goes broke

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State law limits a homeowner’s rights under a sinkhole policy once the insurer becomes insolvent and the claim goes to the Florida Insurance Guaranty Association, the Florida Supreme Court ruled Thursday. It doesn’t matter if the policy was issued before a statute constraining the association’s obligation took effect, Justice Charles Canady wrote for a unanimous court. “When obtaining an insurance policy, the policyholder obtains no vested right to a future government bailout if the insurer becomes insolvent,” Canady wrote. The…

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Senate panel unanimously OKs standalone sinkhole insurance bill

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A Senate committee Tuesday unanimously approved a bill enabling insurance companies to sell standalone sinkhole policies for damages falling short of catastrophic loss, reports LobbyTools. The bill “would allow people to go out on the market and buy sinkhole coverage, standalone, not tied to their homeowner’s insurance,” said Sen. Jack Latvala, sponsor of Senate Bill 1274. Even though the bill was intended to be a “free market” solution, Latvala, a Clearwater Republican, told LobbyTools that individual regulatory agencies – such…

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