Florida Homeowners Outraged Over Skyrocketing Insurance Premiums and Executive Pay
CAPE CORAL, Fla. — As Florida homeowners face soaring insurance premiums, new SEC filings reveal that the CEO of Slide Insurance, a rapidly growing insurance company, has earned over $21 million in compensation this year alone, sparking outrage among policyholders and consumer advocates. Bruce Lucas’ wife, who is also an executive at the firm, received $16.5 million, bringing their combined total compensation to more than $50 million.
Residents like Bob Esposito are dismayed; “My daughter just renewed her policy, and her premium almost doubled,” he said, reflecting a broader frustration as the company reportedly expanded to over 340,000 policies, many through acquisitions of Citizens Property Insurance policies—the state’s insurer of last resort. Despite Slide Insurance nearly doubling its profits to $201 million in 2024, homeowners have seen premium increases upward of 20%.
Consumer advocates are decrying the stark disparity between executive pay and the mounting costs faced by homeowners. Doug Quinn, Executive Director of the American Policyholder Association, emphasized that the situation reveals a broken system, stating, "The regulators are simply not holding these insurance companies accountable."
Quinn asserts that Slide’s practices symbolize broader issues within Florida’s insurance market as executives continue to profit while families struggle to afford necessary coverage. Notably, Lucas’s earnings rival those of high-ranking executives from larger firms like State Farm, which raised further concerns about equity and consumer trust.
As public outcry intensifies, state regulators have yet to address these issues, leaving homeowners feeling neglected. A Slide Insurance representative noted the company is currently in a “quiet period” and cannot comment further.
The growing discontent demands urgent attention from regulators to restore balance and accountability in Florida’s tumultuous insurance landscape.
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