OIR report shows sinkhole insurance claims growing in South Florida, driving some rate hikes

Insurers and regulators have blamed sinkholes for driving some home insurance rate hikes in recent years. But South Floridians have asked why they’re being punished for a problem that historically has been centered in the Tampa area. An Office of Insurance Regulation report released today indicates sinkhole claims are rising in South Florida, though they still make up a small fraction of the sinkhole claims filed in the state. “The evidence is overwhelming” that sinkhole claims are rising, Insurance Commissioner Kevin McCarty said at a Florida Cabinet meeting today.