TALLAHASSEE, Fla. — Citizens Insurance is positioning itself to seek a 15% rate hike for next year after the insurer's Board of Governors voted Wednesday on the request.
The rate hike request is at the limit set by the state and is designed to keep Citizens' rates more in line with the market rates of private insurers.
WATCH BELOW: Citizens wants to raise rates by double digits in 2026
The latest data from Citizens Insurance shows 777,592 active policies in the state as the insurer continues to shed policies to private insurers with take-out offers.
However, discussion about the rate hike received some pushback from a couple of board members.
Charles Lydecker specifically mentioned the recent reports of the CEO of a private insurance company in Florida and his wife receiving about $50 million in salary.
"That to me says, well, for the first time, because we've been in crisis mode, for the first time, maybe we're not thinking about this right," Lydecker said.
The rate hike request must be approved by state regulators, a process that will likely take months.
Last year, Citizens asked for a 14% rate hike and was only approved for an increase of around 6.5%, which went into effect this month.
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.
