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 the hundreds living in Florida’s “sinkhole alley” – which consists of the counties of Hillsborough, Hernando, Pasco, and Pinellas –…
Read MoreTag: what is sinkhole insurance
Massive rate increases from Florida’s insurance program approved
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 Senate Bill 408. Now that the new rates have been approved, Florida residents can expect to pay a lot more…
Read More