Florida Property Insurer’s Board Reviewing Sinkhole Rates

October 13, 2011

The board of directors for the state’s largest property insurer is set to hear a presentation on increasing its rates.

At Tuesday’s Orlando meeting, the board that oversees operations of the state-backed Citizens Property Insurance Corp. will watch a power-point presentation on its sinkhole losses this year.

The board held an emergency conference call last month and voted to cap rate hikes for sinkhole coverage at 50 percent in 2012 and then phase in future increases over the next several years.

But just one week later, state regulators signed off on a statewide average of 6.2 percent for standard coverage and a cap of 32.9 percent for sinkhole policies.

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