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Citizens Wants Five-Fold Sinkhole Rate Hike

Florida's largest property insurance company on Wednesday proposed an average increase of nearly 430 percent for optional sinkhole coverage in response to soaring claims and 8.8 percent for all other perils, including hurricanes, fire, and theft, all effective in 2012.

By Bill Kaczor, Associated Press | Updated on July 28, 2011
Emergency personnel stand watch over a giant sinkhole that opened up inside the Woodhill Apartment complex in Orlando, Fla., in 2002, forcing dozens of residents to evacuate their apartments. The sinkhole was 60-feet deep and 50-feet wide. (AP Photo/Phelan M. Ebenhack)

TALLAHASSEE, Fla. (AP) — Florida’s largest property company on Wednesday proposed an average increase of nearly 430 percent for optional sinkhole coverage in response to soaring claims and 8.8 percent for all other perils, including hurricanes, fire and theft, all effective in 2012.

The board of state-backed Citizens Property Insurance Corp. voted 4-0 to ask for approval for the higher rates from the state’s Office of Insurance Regulation. Two members abstained because they are Citizens agents.

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