PALM BEACH GARDENS, Fla. — Citizens Insurance has the worst record on paying claims, according to Weiss Research in Palm Beach Gardens.
The agency studied 2023 data from the state insurer of last resort.
"Every which way we slice and dice the data showed that Citizens was at the top of the list in terms of the pace of claims denied," Martin Weiss said.
Weiss said Citizens closed claims in 2023 without payment at just over 50%. He added the trend is rising among private insurers closing claims without payment.
"One factor we believe is probably playing a role is a deliberate strategy to reduce their liabilities for whatever reason," Weiss said.
In response, a spokesman for Citizens pointed out that many recent claims have been the result of flooding.
"Citizens, like most traditional private insurers, does not cover flood damage," the statement read. "Also, while Citizens offers a comprehensive policy, we do not have the 'bells and whistles' that other private carriers may offer."
Citizens customers are also hanging on a decision concerning higher premiums next year — possibly as high as 14%.
That decision by state regulators is already overdue since the new rates would begin on policies renewing in 2025.
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:
-
Budgeting expert offers these tips for managing post-holiday debt
37% of Americans accumulated $1,200 in holiday debt. Expert tips for managing post-holiday finances and dealing with unwanted gifts and fees.
The one mistake that turns your Christmas gift card into worthless plastic
Americans hold $23B in unused gift cards, averaging $244 each. Experts say spend them quickly to avoid losing value to inflation or closures.
Early data suggests strong holiday spending despite low consumer confidence
The holiday shopping rush isn't over just yet: the day after Christmas is expected to rank among the top five busiest shopping days of the year, according to SensorMatic Solutions.
Can’t return it? Unload unwanted holiday gifts, and maybe earn money
Not to sound ungrateful – but some gifts miss the mark. Rather than just tossing it into a closet, here are some things you can do with it, and maybe even make some money in the process.
