Fla. Sinkhole Policy Change Receives Final Approval

May 10, 2007

Residents of Pasco and Hernando will save as much as 58 percent to 60 percent on homeowner’s premiums under new sinkhole coverage guidelines that received final approval Wednesday, a Citizens Property Insurance Corp. official said.

Under the new provisions, Pasco and Hernando County residents will receive coverage offers that do not include full sinkhole coverage, but will include catastrophic ground-cover collapse coverage. Residents should call their agents if they want full sinkhole coverage for an additional premium.

Residents in Florida’s 65 other counties will continue to receive sinkhole coverage automatically, but will be able to call their agent and request that the coverage be removed.

Wallace also said Citizens is working with local and state officials to hold public meetings in Pasco and Hernando counties to make sure policyholders are aware of the upcoming changes.

Letters of notification regarding the changes in Pasco and Hernando counties will begin to go out in June. The changes are scheduled to take effect in September.

Source: Citizens Property Insurance Corp.

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