State regulators, who have the final say on Citizens Property Insurance's proposal to raise sinkhole rates by 429 percent, said they haven't decided yet on whether to hold public hearings on the request.

The board of state-backed Citizens, Florida's largest home insurer, approved the sinkhole rate hike Wednesday by a 4-to-0 vote. Board members Tom Lynch and Carol Everhart, who were re-appointed recently by Senate President Mike Haridopolos, both abstained from voting because they're both insurance agents whose firms can earn commissions on Citizens' policies.

Citizens' six other board members are also up for re-appointment. Haridopolos and three other state leaders the governor, chief financial officer and House Speaker each appoint two board members. They have until Monday to either reappoint the current members or appoint new ones.

Under Citizens' rate request, average sinkhole premiums in parts of South Florida and the Orlando area would increase 13-fold and 21-fold, on average, respectively.

There are 84,908 policies in South Florida with sinkhole coverage, largely because it costs very little, about $3 to $20 on average. Citizens automatically adds sinkhole coverage to policies except in Pasco and Hernando counties.