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02-13-2012, 07:54 PM
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Sage
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Join Date: Jul 2007
Location: Winters in TV, Summers in Canada.
Posts: 17,657
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Thanked 245 Times in 186 Posts
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Quote:
Originally Posted by twotogo
TALLAHASSEE — The state-run property insurer took a step toward imposing massive rate hikes for sinkhole insurance Tuesday, tentatively approving new premiums that would force many policy holders to either pay thousands of dollars more next year or drop coverage altogether.
The rate hikes — more than 2,000 percent in parts of Tampa Bay and an average of 429 percent statewide — will be considered by the full Citizens Property Insurance board today before heading to the Florida Office of Insurance Regulation for final approval.
Citizens actuaries say the new rates, which could cost some customers an additional $4,000 a year, are necessary because current premiums don't cover payouts for sinkhole claims.
In Tampa the average premium for a sinkhole policy would increase from $156 to $3,651. In coastal Pasco County, rates would rise from $1,270 to $3,598. In coastal Hernando County, premiums would soar from $1,356 to $5,734.
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Scary stuff. 
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