Rate hike likely from Citizens Insurance

TALLAHASSEE, FL (AP) -- More than one million customers of the Citizens Insurance Property Corp. are bracing for a double-digit increase to help keep the state-backed insurer solvent.

And while that 10 percent hike doesn't take place until January, the Citizens board meets Wednesday to possibly reject rate cuts for tens of thousands policyholders in some parts of Florida who could otherwise expect a cheaper premium under a new computerized rate model.

The increases were approved by Gov. Charlie Crist, who opposes efforts by some large private national insurers to raise their rates.

However, the new Citizens' rate filing still requires review from the Office of Insurance Regulation before taking effect.