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.
