TITLE
RESOLUTION URGING THE FLORIDA LEGISLATURE TO ENACT LEGISLATION CREATING AN INSURANCE RECONSTRUCTION APPRAISAL FORMULA CONSISTENT WITH REASONABLE NATIONAL AND INDUSTRY WIDE STANDARDS AS WELL AS A APPEALS PROCESS FOR HOMEOWNERS TO CHALLENGE SUCH APPRAISALS IF NECESSARY

BODY
WHEREAS, pursuant to Chapter 624, Florida Statutes, the State of Florida regulates insurance companies doing business in the State of Florida through the Office of Insurance Regulation (OIR); and
WHEREAS, OIR regulates the cost insurance companies may charge Florida residents and properties; and
WHEREAS, certain insurance companies are developing individual assessment practices for determining the proposed cost for re-construction of a structure, based upon their individual appraised assessment standards and not reasonable nation-wide or industry-wide recognized standards; and
WHEREAS, upon developing these individual standards, each insurance company can then increase the cost of a homeowner�s insurance policy based upon the new appraisal of reconstruction cost should a claim event occur; and, in turn by the increased cost increase the value of the deductible; and
WHEREAS, there have been instances where the unregulated, individual appraised assessment standards of individual insurers has increased the re-construction appraised value by two-thirds of assessed or actual appraised value, let alone actual re-construction costs; and
WHEREAS, such arbitrary action, with no nation-wide or industry standards on developing a formula for what would be a reasonable and acceptable assessed re-construction cost, will result in higher insurance premiums to all insured, thus pricing many residents and property owners out of the insurance market; and
WHEREAS, the Village of Palmetto Bay recently passed a resolution urging the Florida Legislature to enact legislation creating an insurance reconstruction appraisal formula consistent with reasonable national and industry wide standards as well as a process for homeowners to challenge such appraisals if necessary; and
WHEREAS, this Board desires to join the Village of Palmetto Bay in urging the Legislature to take create such an appraisal formula and appeal process,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Urges the Florida Legislature to enact legislation to create an insurance reconstruction appraisal formula consistent with reasonable national and industry wide standards as well as a process for homeowners to challenge such appraisals if they deem it necessary.
Section 2. Directs the Clerk of the Board to transmit certified copies of the resolution to the Governor, Senate President, House Speaker, the Chair and Members of the Miami-Dade State Legislative Delegation, the Commissioner of the Office of Insurance Regulation and the Mayor and Council Members of the Village of Palmetto Bay.
Section 3. Directs the County's state lobbyists to advocate for the issue identified in Section 1 above, and authorizes and directs the Office of Intergovernmental Affairs to include this item in the 2009 and 2010 state legislative packages.