Florida's Citizens Property Insurance announced it is settling more than 300 sinkhole-related lawsuits by providing managed repairs, according to FOX 13 Tampa Bay.
The state-run insurer says it will pay for underground repairs recommended by a professional engineer and performed by a pre-approved list of contractors. Citizens will also pay for any additional above-ground damage caused by the sinkhole repair, says FOX 13.
In 2012, the Florida Legislature started requiring managed repairs for sinkhole claims to counter insurance fraud that was bankrupting insurance companies and prompting many to drop sinkhole coverage. The recently settled lawsuits pre-date the law.
More than 1,800 sinkhole-related lawsuits are still pending, but they might also be settled with the same provisos, says FOX 13.
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