Florida Homeowners Face Soaring Insurance Rates Amid Slide Insurance CEO's $50M Payday

Homeowners' insurance costs in Florida have surged in recent years, with some rates increasing dramatically due to market shifts and insurer acquisitions. A recent SEC filing revealed that Slide Insurance CEO Bruce Lucas and his wife, the company's COO, received $50 million combined compensation in 2023 and 2024.

This financial disclosure comes amid complaints from Florida homeowners about skyrocketing premiums, with some policies increasing by more than six times their previous rate after being taken over by Slide Insurance from failing insurers and the state-backed Citizens Insurance. Slide Insurance reported net income of $288 million over the same period and currently holds more than 345,000 policies, predominantly home policies. Industry insiders note that many of Slide's new policies were acquired through assumptions from Citizens Insurance, pushing the company into the top six largest insurers in Florida.

The Florida Office of Insurance Regulation has expressed concern over the executive compensation but stated it lacks regulatory authority to intervene. Legislative changes in 2023, such as the removal of one-way attorney's fees, are expected to influence premium reductions in the market. Homeowners facing rising costs have sought alternative insurers offering better coverage at lower rates, illustrating ongoing market instability and competitive pressure in Florida's homeowners' insurance sector.