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More than a million Floridians could see an increase in their home insurance bills before the end of the year. Citizens Property Insurance is seeking an 11 percent rate increase and Castle Key, formerly known as Allstate Floridian, wants to raise its rates 33 percent. As Whitney Ray tells us, the industry claims some companies could go belly-up if there’s a major hurricane.

Bill McKeown is a retired farmer turned amateur painter. He lives on a fixed income and plays with the money he gets from selling his work.

But Bill may soon have to use more of his play money to pay bills. His insurer, Citizens Property Insurance, is seeking an 11 percent rate hike.

“I guess we’ll find it if we have to,” said McKeown.

Citizens isn’t the only company claiming it needs customers to pay more. 140 have raised rates over the past two years. Tuesday, Allstate’s subsidiary company Castle Key was at the Capitol asking regulators for a 33 percent rate increase. The Office of Insurance Regulation will review Castle Key’s request and dozens more before year’s end.

“We have about 200 writers and most of them are very active in the homeowners business, and so most of them make a filing every year,” said Belinda Miller, OIR’s Deputy Commissioner.

Industry experts say false claims, bloated discounts and inflation are causing some companies to lose money even though Florida hasn’t had a major hurricane since 2005.

“There are a handful of companies that might not survive a major hurricane,” said Florida Insurance Council spokesman Sam Miller.

Earlier this year Governor Charlie Crist vetoed legislation aimed at fixing some of the problems because it also made it easier for insurance companies to raise rates. Citizens rate hike hearing has yet to be scheduled and it will be weeks before we know if Castle Key, formerly known as Allstate Floridian, will get the 33 percent increase it’s requesting.