More than 1 million Florida homeowners face double-digit insurance hikes

The Florida Office of Insurance Regulation will consider approving a double-digit rate increase for Citizens Property Insurance on Thursday afternoon. About 1.3 million homeowners face the potential rate hike. As more people move to the sunshine state, Citizens has seen an increase in customers. The number on the table averages out to about 14.2% increase for Citizens policyholders. Nothing is set in stone yet. If the Florida Office of Insurance Regulation approves that number, it will kick in on November 1.