Prompted by angry cries from sinkhole policyholders who face rate hikes of up to 2,200 percent, Citizens Property Insurance Corp. will convene Monday in a special meeting to consider phasing in the rates over time to give some homeowners a break, the company said Thursday.
Newly appointed Chairman Carlos Lacasa has scheduled a teleconference for Monday during which Citizens board members will discuss whether to phase in the actuarially sound – but in some cases stunningly steep – sinkhole premium increases required by lawmakers earlier this year with the passage of SB 408.
The rate hikes, announced in July, have prompted a storm of protest from the customers of the state-backed insurer, which is now the state’s largest property insurer with 1.4 million policies.
