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:
-
Black Friday is starting early — but will buying now really save you?
November has now become a month of Black Friday sales events. But some of the sales are better than others, and different types of items are on markdown on different days. Here's when to shop.
'A scary time': Residents brace for longer lines if SNAP benefits lapse
WPTV found in Palm Beach County, since 2022, 64,176 households receive SNAP benefits, helping feed 162,053 people.
Save on expensive cold and flu medicine, as sniffle season begins
A box of cold medicine can now cost $30 or more. Pharmacists reveal how to save on expensive over-the-counter meds.
This coalition is offering incentives to employers to help with traffic
Running into traffic in South Florida feels inevitable. With projections it's only going to get worse, local governments and grassroots groups are looking at ways to help alleviate the gridlock.
