(WSVN) - Buying or renting in Florida may come at a higher cost.

Citizens Property Insurance Corporation announced they are looking to raise rates by 14.2% after Hurricane Ian took a big part of the company’s reserve.

The company also announced they are considering a yet-to-be-determined hurricane tax if a big storm hits the state.

It is estimated that Citizens Insurance has about 1.2 million customers in Florida.

The rate hike requested by the corporation still needs state approval.

Copyright 2024 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Join our Newsletter for the latest news right to your inbox