This property insurance company wants to raise premiums by 53% in Florida

ORLANDO, Fla. — A property insurance company will talk to regulators Wednesday about plans for a major rate hike in Florida.


Castle Key wants to increase premiums by 53%.

That company mainly covers condos.

Watch: New report: Florida Property Insurance Premiums won’t drop

They say the higher premiums are needed to cover the cost of operating in the state.

Another company, Amica Mutual Insurance, had its hearing on Tuesday.

Watch: Florida homeowners with Citizens insurance to see double-digit rate hike

They proposed a 54% increase.

So far, no decisions have been made.

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.