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Associated Press

Property insurer's board ratifies rate increases

By BRENT KALLESTAD , 10.13.11, 10:38 AM EDT

 

TALLAHASSEE, Fla. -- Florida's largest property insurer authorized rate increases for nearly 1.5 million policyholders on Wednesday that could cost some homeowners needing sinkhole protection up to several hundred dollars more each year.

The Citizens Property Insurance Corp. board approved an average hike of 32.8 percent on sinkhole policies for homeowners and 6 percent for standard coverage. The board initially sought higher rates, voting in September to cap rate hikes for sinkhole coverage at 50 percent in 2012. But state regulators cut that to a statewide average of 6.2 percent for standard coverage and a cap of 32.9 percent for sinkhole policies.

 

 
 
 
 
 
 
 

 

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