On the Radio
Talk about sticker shock – insurance rates in our region for sinkhole could go up between 400 and 2,000 percent. What’s going on and what can be done about it?
Recently, the Citizens Property Insurance Corporation announced it wants rates in sinkhole property insurance by an average of 400 percent statewide. Sinkhole claims in Pasco, Hernando and Hillsborough County are rising fast.
And earlier this year, the Legislature passed Senate Bill 408, which took the cap off sinkhole premiums.
The proposed rate increases now go to the state insurance commission for final approval.
On Florida Matters, we ask four experts to help figure out why this is happening: Republican state Senators Mike Fasano of New Port Richey and Mike Bennett of Bradenton, Lynn McChristian of the industry-backed Insurance Information Institute, and Sean Shaw, former state consumer insurance advocate and now with the Merlin Law Group.
What’s your experience with sinkhole claims? Let us know on WUSF’s Facebook page.