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Citizens wants 254% increase for sinkhole insurance

The Associated Press
Published:   |   Updated: March 18, 2013 at 08:52 PM

MIAMI — The state-backed Citizens Property Insurance Corp. says it needs to increase sinkhole rates by 254 percent next year.

Citizens met with the insurer's governing board today looking to finalize rate requests for next year. Citizens said it needs to increase homeowner's policies by 15.2 percent, but will ask for only a seven-and-a-half percent increase, because it is bound by a 10 percent cap.

The governing board will vote next week on what rate increase it will request from the Office of Insurance Regulation. The board is moving toward shedding thousands of policies.

Gov. Rick Scott wants to downsize Citizens, saying the company's rates are artificially low.

Homeowners said they have to move out of state because they can't get insurance.

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