FLA. SINKHOLE POLICY CHANGE APPROVED
Residents of Florida’s Pasco and Hernando counties will save as much as 58 percent to 60 percent on homeowner’s premiums under new sinkhole coverage guidelines that received final approval, according to a Citizens Property Insurance Corp. official.
Under the new provisions, Pasco and Hernando County residents will receive coverage offers that do not include full sinkhole coverage, but will include catastrophic ground-cover collapse coverage.
Residents in Florida’s 65 other counties will continue to receive sinkhole coverage automatically, but will be able to call their agent and request that the coverage be removed.
Citizens said it is working with local and state officials to hold public meetings in Pasco and Hernando counties to make sure policyholders are aware of the upcoming changes.
Letters of notification regarding the changes in Pasco and Hernando counties will begin to go out in June.
The changes are scheduled to take effect in September.
- Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B
- Security First Touts 5% Rate Decrease for HO-3, Renters Policies in Florida
- Texas Storms Leave 800,000 Without Power While Flights Grounded
- Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance