Citizens Property Insurance approves 7 percent rate hike

CENTRAL FLORIDA — Florida's largest property insurer just approved another round of rate hikes that could affect more than a million policyholders.

The board for Citizens Property Insurance Corporation voted Wednesday to raise statewide rates by 7 percent next year.

The increase would translate into $178 million in new insurance costs for policyholders.

The rate hike still needs to be approved by state regulators.

WFTV