TALLAHASSEE, Fla. (AP) - Florida's chief financial officer wants state insurance regulators to consider an affordable "glide" path for homeowners seeking to buy sinkhole insurance from Citizens Property Insurance Corp.
During Tuesday's cabinet meeting, CFO Jeff Atwater asked Insurance Commissioner Kevin McCarty about the possibility of phasing in the rate hike. Last week Citizens requested to raise rates for sinkhole coverage by an average of 430 percent.
McCarty told Gov. Rick Scott and the Cabinet that while the seemingly exorbitant rates sought by Citizens may be actuarially sound, his department would consider a full range of options on the company's request, including phasing in the increases to soften the financial blow for consumers.
Citizens is Florida's largest property insurer with 1.4 million customers.
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