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:
-
Tariffs, inflation and stocks. Experts chime in on how changes may impact you
This policy change is stirring a mix of reactions among consumers and experts alike, leading many to wonder what financial impact tariffs could have on their everyday lives.
How will new tariffs impact retail shopping?
The president implemented reciprocal tariffs aimed at countries including China, the European Union and Vietnam.
Are tariffs helping or hurting US farmers?
President Donald Trump has designated the April 2 as "Liberation Day," unveiling a new rollout of tariffs on foreign imports.
How will tariffs affect local tourism?
Airline analytics firm OAG reports airline reservations from Canada to Florida are down 76% this April compared to April 2024.
