Citizens board to vote on 50% sinkhole cap

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Citizens Property Insurance Corp. would limit sinkhole premium increases to a maximum of 50 percent statewide under a proposal to ease the pain of rates suggested in July that would boost some premiums by more than 2,000 percent, reports the News Service of Florida. Staff recommendations released in anticipation of a 3:30 p.m. meeting call for phasing in sinkhole rate increases. Citizens Chairman Carlos Lacasa called the specially scheduled meeting to consider the phase-in following public outcry over premium hikes approved by the board in July to comply with SB 408, which requires that sinkhole rates be actuarially sound. A long list of critics including Sen. Mike Fasano, R-New Port Richey, and CFO Jeff Atwater have urged the board to cushion the blow. Still, some coastal residents will see sinkhole premiums rise more than $700 next year under the phase-in plan.

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