WEST PALM BEACH, Fla. (WPTV) — 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.
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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."
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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."
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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.
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