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.

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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.

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How far will $100,000 go? SmartAsset took a look at income to see how far $100,000 would go after taxes and cost-of-living adjustments. (iStock)

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.

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