Sinkhole insurance rates to increase by 50 percent

by Michael Mosher on July 31, 2012

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Homeowners in Pasco, Hernando and Hillsborough counties who are covered by Citizens Property Insurance will see their sinkhole insurance rise by 50 percent.

State-owned Citizens approved the increase in rates after a unanimous vote by board members that increased rates across the board but rose particularly high for homeowners in the Tampa Bay area, according to the Tampa Bay Times.

Citizens’ 2013 rate plan, which is subject to approval by the Office of Insurance Regulation, also includes a 10.2 percent statewide increase for non-sinkhole coverage. The Times said the sinkhole rate hike is expected to cost an average of $750 in Pasco, $690 in Hernando and $130 in Hillsborough.

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