WEST PALM BEACH, Fla. — WPTV is tracking the latest on a 14% rate hike request from Citizens Property Insurance — Florida's insurer of last resort.
A decision was expected this week but no announcement has been made yet.
WPTV reporter Matt Sczesny is staying on top of it and digging for answers about when a decision will be made.
The 14% increase, which would be the highest ever by Citizens, would be an estimated $670 hike on a yearly policy in Palm Beach County.
Four weeks ago, state regulators held a hearing about the rate hike request with a decision that was due Aug. 26.
WATCH BELOW: Mark Friedlander has this advice concerning takeout offers
WPTV asked Mark Friedlander of the Insurance Information Institute about the delay and what may be happening.
"There's basically two outcomes at this point with the insurance regulator's decision," Friedlander said. "One is push back and ask them to resubmit new data and bring it down or accept it. Historically speaking, the insurance commissioner's office typically asks Citizens to make adjustments."
Real Estate News
9 companies approved to take out offers to Citizens policy holders
That could delay a decision, but it can also mean Citizens may end up getting less of a rate hike than the 14% they've requested.
Citizens, which is now surging at 1.2 million policies, is trying to move their rates more in line with private insurers and also move more policyholders off their books.
"They don't want to be competitive with the private market," Friedlander said. "They're supposed to be an insurer of last resort, not the best choice because the price is less."
Real Estate News
Is your home insurance getting better? What a new report says
The new Citizen's rates would affect policies renewing after Jan. 1.
We're told it's possible that regulators could take another two months to sort this request out.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
Read WPTV's latest "Coverage Collapse" stories below:
-
What this insurance CEO is saying about rate reductions in Florida
WPTV continues to search for solutions and any signs of relief as residents continue to pay for inflated home insurance costs.
Which residents will have first dibs to live at this new complex?
WPTV spoke to the developer to find out who will get the first chance to live in this new building and when it will be finished.
What's the future of homeowners insurance in Florida?
Katherine Hempstead, the author of "Uncovered: The Story of Insurance in America," shares her insight on the future of insurance in the U.S.
STILL NO DECISION: What's the latest on Citizens' 14% rate hike request?
State regulators held a hearing four weeks ago about the rate hike request. A decision was expected to be made by Aug. 26.
