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:
-
How to gift Valentine’s Day sparkle, despite high gold and silver prices
Gold and silver prices recently hit record highs, sending the price of jewelry up as well. Here is how to find beautiful Valentine's jewelry this year without spending a fortune
Chicken wings are cheaper, but other Super Bowl snacks cost more this year
Americans are expected to eat nearly 1.5 billion chicken wings during the Super Bowl, about 10 million more than last year, according to the National Chicken Council.
Score big TV deals before the Super Bowl without a super-sized budget
Thinking of upgrading that five-year old TV for the Super Bowl or Winter Olympics? No inflation or tariff concerns with big screen TVs, where prices are at one of their lowest points of the year.
Reset your finances with 'Frugal February'
Forget Dry January, or No Spend January. Many people are now joining the Frugal February movement. How a few changes this month can reset your finances for the year.
