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Nearly half a million Floridians have a state-run Citizens property insurance policy, the so called “insurer of last resort.” As Matt Galka tells us, Floridians who are sticking with citizens could be paying more next year.

A rate hike for Citizens customers? Policy holder Joe Walsh from Monroe County told state regulators ‘no way’ Thursday. A proposed rate hike from the state run insurer would hit policy holders in the county with a nearly 9 percent increase.

“This isn’t a rich person’s issue, this is a regular guy’s issue. Teachers and firefighters and real estate brokers and police officers, those are the people that are most directly affected by this 8.9% increase,” said Walsh.

Most policy holders could be hit with a nearly 6.8 percent, but it varies.

“We must charge actuarially sound rates and those actuarially sound rates are going to be increasing substantially,” said Citizens’ President Barry Gilway.

Whether or not the rate hikes get approved is up to the office of insurance regulation.

“It’s certainly very troubling to hear that folks that are residents in Monroe County and really in any county in the state are having to consider moving out of their homes and making other accommodations in order to afford housing because of insurance rates,” said Insurance Commissioner David Altmaier.

Citizens customers have the right to shop around for another insurer, but only a little more than 47,000 customers have left this year.

Public comment on the rate hike is still being taken until September 1st. If you want to sound off about it, you can email comments to ratehearings@floir.com.