Insurance Journal published an important article on home rate hike and cap on sinkhole coverage. Policyholders could see significant rate increases from Citizens based on the information in the article below.
Florida’s Citizens Seeks 6.6% Home Rate Hike; Cap on Sinkhole Rates in High-Risk Areas (article from Insurance Journal)
Florida’s state-backed property insurer requested a statewide average 6.6 percent increase in homeowners’ rates along with a cap on sinkhole rate increases in three high-risk counties at between 20 percent and 50 percent.
Citizens Property Insurance Corp. officials signed-off on its annual rate filing. If when approved by regulators, it will apply as of January 2014 and raise $174 million in premiums next year.
Read the entire article at http://www.insurancejournal.com/news/southeast/2013/06/27/297026.htm
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