Sinkhole insurance rates, Senator Fasano’s letter to Insurance Commissioner McCarty, and Office of Insurance Regulation Rate Comparison Site’s Return

Jul 28, 2011

The following article was published in The Florida Current on July 28, 2011:

Sinkhole insurance rates, Fasano’s letter to Insurance Commissioner McCarty, and OIR Rate Compare Site’s Return

SINKHOLE INSURANCE … The Citizens Board of Governors voted to increase rates for sinkhole insurance today. The St. Petersburg Times reports that the rate hikes proposed for sinkhole insurance will force many holders to drop their sinkhole coverage. The Times also printed an editorial today that said the Citizens Property Insurance rate hikes are the “quickest way to squash the anemic economic recovery in Florida.”  The Heartland Institute released a statement praising the rate increase.

FASANO ON SINKHOLE INSURANCE RATES … Yesterday, Sen. Mike Fasano responded to Citizens’ proposed rate increases for sinkhole coverage, citing his opposition of last year’s SB 408 that allowed for the rates to be raised. Today, Sen. Fasano released a letter he sent to Insurance Commissioner Kevin McCarty, requesting public hearing to be held throughout the state before the Office of Insurance Regulation makes it’s ruling on the rate increases.

WEBSITE LETS HOMEOWNERS COMPARE INSURANCE RATES … The South Florida Business Journal published a story on the Florida Office of Insurance Regulation’s online system allowing consumers to compare homeowners insurance quotes. The Florida Office of Insurance Regulation announced the re-re-launch of the interactive program designed to assist Florida’s homeowners to shop for homeowners’ rates. Visit it here:

WHAT SORT OF INSURANCE DO I NEED? … The Wall Street Journal answers a vacation home owner’s question about coastal insurance coverage in Florida.

ST. LUCIE FIREFIGHTERS HELP REDUCE THE RATE OF HOMEOWNER’S INSURANCENews Channel 5 WPTV, the NBC affiliate in West Palm Beach, reports that the St. Lucie county fire district is working hard to lower premiums by as much as hundreds of dollars a year.