Florida residents who have sinkhole insurance through the state-backed property insurer will not have to pay a proposed statewide average 447 percent increase.
Citizens Property Insurance Corp. customers will also be spared big price hikes for standard coverages under several rulings by Insurance Commissioner Kevin McCarty.
Instead of the approving the requested 447 percent average increase in sinkhole rates, McCarty approved a statewide average 32.8 percent increase for Citizens, an increase he said is viable until there is more data from the reforms contained in this year’s property bill.
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