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Florida Building Code Changes Could Impact Property Insurance Rates, University of Florida Reports

Florida Building CodeRecent proposed technical changes to the Florida Building Code (“FBC”) could have a potential impact on residential and commercial property insurance rates in the State of Florida, the University of Florida’s Center for Advanced Construction Information Modeling advised in its draft February 2018 report entitled “Economic Impact Analysis and Evaluation of Property Insurance Rate Impact Resulting from Potential Changes to the Florida Building Code from the ICC Base Code Provisions.”

To view the draft report, click here.

The draft will be reviewed at a March 28, 2018 meeting of the Florida Building Commission’s Electrical Technical Advisory Council in Tallahassee.

To view the meeting agenda and Webinar call-in information, click here.

The report documents work done to date in preparing an economic impact report on those proposed changes, which would include:

a.    Reducing or increasing the model FBC provisions with respect to structural design to resist wind;

b.   Reducing or increasing the model FBC provisions with respect to flood protection;

c.    Reducing or  increasing  the model  FBC provisions with respect to fire sprinkler protection and fire separation distance between buildings;

d.   Changing from a 3‐year update code cycle to a 4‐year, 5‐year or 6‐year update cycle;

e.   Adopting the ISO‐BCEGS electrical code;

f.  Identifying the impact of electrical code adoption on property insurance damage and repair claims.

The University of Florida also explored development of the following economic simulations that would estimate the economic impact of the FBC and insurance rate changes in Florida and its counties.

a.   Development of a methodology and set of assumptions about cost estimates and insurance rate changes based on the best available data;

b.   Grouping Florida’s 67 counties into zones using the best available data (wind zones or flood risk zone);

c.    Preparing a report that summarizes the estimated impacts at the state level and for the different zones.  The economic impact indicators discussed will be employment, output (sales), personal income, and gross domestic product;

d.   Providing information economic impact information by county in an Appendix.

To view the meeting notice, click here.

 

 

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