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Citizens reaches settlement over sinkhole damage

- Associated Press - Wednesday, March 12, 2014

ORLANDO, Fla. (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.

Citizens spokesman Michael Peltier says this settlement reaches an agreement with 300 policyholders.

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

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

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