Fasano tells the radio station that even though he was against the bill, he never imagined this type of rate increase.

"Never in a million years…never did I think this would happen," he says.

Citizens' board has approved filing the rate request with the Florida Office of Insurance Regulation (OIR). In some parts of Florida, rates for sinkhole coverage—which is required by some lenders—could go up more than 2,000 percent.

OIR says it has not received the filing. It has 45 days to approve or deny the rate-hike request.

Plans for a public hearing on the rates are unknown, but Fasano wants Insurance Commissioner Kevin McCarty to hold statewide hearings for consumers so they do not have to travel all the way to Tallahassee.

"In light of these almost incomprehensible rate increases, I respectfully expect that all Floridians be given the chance to have their voices heard on this issue before the [OIR] rules on the application," writes Fasano to McCarty.

Fasano says it is "almost beyond comprehension that Citizens would even propose such outrageously high premium increases."

He adds, "The economic impact on homeowners will be devastating."

During his radio interview, Fasano says the increases are on top of wind, flood, fire and theft insurance many homeowners need in order to get a mortgage.

The OIR says it has received Fasano's letter and will take the senator's comments "under advisement."

Fasano says he has not heard from the OIR.

Citizens says its proposed rate increases are based on loss history. The last-resort insurer says it lost more than $200 million on sinkhole coverage in 2010, which was about twice as much as the previous year.

Consumers have the opportunity to email comments about the Citizens rate hikes on the OIR website.