The Real Deal Miami

Sinkhole rate hike could be phased in

August 03, 2011 07:49AM

A proposed large-scale sinkhole insurance rate hike could be phased in,
according to Jeff Atwater, the state’s chief financial officer. “There
is the reality [that] there are mortgage players who want sinkhole
coverage,” Atwater said at a meeting of the Florida Cabinet. “How does a
Floridian go from paying $350, $450, a year to $3,000, $4,000 a year?”
Insurance Commissioner Kevin McCarty said he can’t require Citizens
Property Insurance, a state-backed company, to phase in what it has
proposed as a 429 statewide average increase in rates. [Sun