Citizens Property Insurance Corporation reaches settlement over sinkhole damage

1:36 PM, Mar 12, 2014   |    comments
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ORLANDO, Florida (AP) - Florida's state-run insurer says it has reached a settlement to allow homeowners to receive professionally recommended repairs for sinkhole damage.

In an announcement Wednesday, Citizens Property Insurance Corporation said it will pay for underground repairs as recommended by a professional engineer. Citizens policyholders can also choose a contractor from a pre-approved list and the insurance company will also pay for any additional above ground damage caused by sinkhole repair.

SEE ALSO: Citizens Insurance is writing homeowner policies on sinkhole properties

There were more than 2,000 active lawsuits across Florida relating to disputes between insurers and policyholders over sinkhole damage.     

Citizens said it will avoid an estimated $30 million in potential litigation expenses.

The company did not say how much the settlement would cost.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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