FL S1498

Revises the definition of "structural damage" to reference the 2007 Florida Building Code instead of earlier versions for determining sinkhole loss verification.

Requires insurers to pay for stabilizing structures using methods with lifetime warranties when sinkhole loss is verified, and requires policyholders who receive stabilization payments to also repair the sinkhole.

Mandates insurers renew property insurance policies when sinkhole claim payments do not equal or exceed policy limits, or when the policyholder repairs the structure according to engineering recommendations.

Designates sinkhole reports prepared by professional engineers or geologists as jointly owned property of the insurer and policyholder, with specific delivery requirements via certified mail.

Imposes a $25 daily penalty on insurers that fail to file sinkhole loss reports with the county clerk of court within 30 days of claim payment, effective July 1, 2013.