Insurance News Daily

Sinkholes that are destroying Florida houses are now costing insurance companies in that state hundreds of thousands of dollars as claims begin rolling in. In fact, in three claims alone linked to sinkholes that cracked floors and broke water pipes, insurers had to pay out over $500,000. Among those three houses in question, none of the homeowners used the money to try to repair their homes. Instead, they are among…

In the wake of one of the largest insurance rate increases to hit the state, Florida’s Citizens Property Insurance has been the subject of criticism from the public and state regulators. The state-run insurance company recently received approval to hike up the premiums for sinkhole coverage by an average of 429%. These rates have yet to take effect, a fact that Insurance Commissioner Kevin McCarty has been keen to express….

Early this week, Florida’s Citizens Property Insurance proposed massive rate increases for sinkhole coverage. On average, policies would be impacted by an increase of 428% throughout the state. The proposal was seen as excessive by many consumer advocacy groups, but the insurers that make up the state-run program argue that higher rates are needed to combat fraud. Despite the best efforts of opponents, the proposals were passed as part of…