By Janet Zink, Times/Herald Tallahassee Bureau
TALLAHASSEE — The state-run property insurer took a step toward imposing massive rate hikes for sinkhole insurance Tuesday, tentatively approving new premiums that would force many policy holders to either pay thousands of dollars more next year or drop coverage altogether.
The rate hikes — more than 2,000 percent in parts of Tampa Bay and an average of 429 percent statewide — will be considered by the full Citizens Property Insurance board today before heading to the Florida Office of Insurance Regulation for final approval.
TALLAHASSEE — The state-run property insurer took a step toward imposing massive rate hikes for sinkhole insurance Tuesday, tentatively approving new premiums that would force many policy holders to either pay thousands of dollars more next year or drop coverage altogether.
The rate hikes — more than 2,000 percent in parts of Tampa Bay and an average of 429 percent statewide — will be considered by the full Citizens Property Insurance board today before heading to the Florida Office of Insurance Regulation for final approval.