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Florida�s Insurance Commissioner Kevin McCarty says Citizen�s sinkhole insurance is probably too low. Citizens is asking the Office of Insurance Regulation for a 400 percent sinkhole rate hike.

400 percent is an average; the hike would be over 2000 percent in some counties. McCarty says he hasn�t received the rate hike request yet, but since Citizens rates were capped for five years, a hike of some sort is probably warranted.

�Citizens was subject to a rate cap so I think it�s important to note that there is a pent up rate need of some kind,� said McCarty.

If the rate is approved the commissioner has the authority to phase in the increase over a three year period.