WEST PALM BEACH, Fla. — As insurance companies sort out the damage and claims from this hurricane season, the state's largest insurer is still waiting to see if it can raise rates next year.
WPTV senior reporter Matt Sczesny is seeking answers about when and how high rates will go up for those who have Citizens Insurance.
About 1.2 million policyholders would be affected by the decision
This rate hike request was made four months ago in June, and we still don't have a decision.
Real Estate News
Why Citizens Insurance says it needs to raise rates by 14%
A majority of Citizens Insurance policyholders will likely pay more for insurance.
"There is no way to say this delicately," Citizens Insurance CEO Tim Cerio said. "For the most part, we're offering subsidized insurance."
Cerio explained why they're looking for a rate hike next year of about 14%. It's a request that insurance regulators still have not decided.
"We're still gathering data," Florida Insurance Commissioner Michael Yaworsky told WPTV at an event in Clearwater earlier this month. "We'll probably have more as hurricane season winds to a close."
The current rate hike request would raise Citizens' premiums by an average of $400-$500.
One WPTV viewer sent us a recent take-out notice he received that went so far as predicting his Citizens' premium would go up next year just under $600.
Sczesny pressed the commissioner, asking him if his office might not give Citizens what it wants.
"I can't confirm or deny, but I can tell you it is extraordinarily rare for a Citizens filing to go through the office without some changes," Yaworsky said. "There's no reason to think that pattern won’t continue."
The decision from the Office of Insurance Regulation could come at any time — and it's likely to be soon — since this rate request is for any policies up for renewal after Jan. 1.
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:
-
Home flipper warning, after family's dream home turns into a nightmare
A family bought a freshly flipped home with a shiny new kitchen and bathrooms, but quickly discovered their dream home was really a nightmare in disguise. What to know before you buy.
Study says you have to work this many days to afford deposit on a Florida home
Have you ever wondered how many days you'd have to work in Florida just to save a down payment for a home? A new report by Leave the Key sheds some light on the question.
US inflation steady at 2.4% amid tariff concerns, BLS reports
As inflation holds steady, many economists anticipate potential price hikes in consumer goods in the months ahead as tariffs take effect.
Many families rethinking their spending on subscriptions
Americans are spending more and more money on monthly subscriptions, from Netflix and Hulu to services like DoorDash and meal delivery plans. But CNET has found some easy ways to cut those costs.
