By making sinkhole coverage optional, Citizens Property Insurance Corp. will reduce rates for Pasco County homeowners by as much as 56 percent.
Homeowners throughout the state who wish to purchase the sinkhole coverage may do so for an additional premium charge.
“We are taking this action in response to the public outcry from our policyholders, state leaders and others who are searching for a solution to spiraling increases in insurance premiums” said Scott Wallace, Citizens’ interim president.
In Pasco County, the premiums are substantially driven by sinkhole losses, Wallace said.
A public hearing outlining the issue is scheduled today at 5 p.m. at Spartan Manor, 6121 Massachusetts Avenue, New Port Richey, Fla.
Source: Citizens Property Insurance Corp.
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