The suggested overall rate plan, if approved, is expected to raise about $140 million next year

Florida’s Citizens Property Insurance Corporation (Citizens Insurance) is about to increase premiums up to 10% for many of its policyholders – reported in Insurance Journal.

Rates for a majority of the policyholders in Florida’s state-backed property insurer, are expected to climb up to 10% starting January. However, rates for some others will go down by varying degrees.

Citizens yet to track out how exactly many policies will see higher or lower rates, but many of the residential and business policyholders with rates going up belong to South Florida.

According to John Kuczwanski, Public Information Manager for Citizens, the suggested overall rate plan, if approved, would raise about $140 million next year.

While Citizens is proposing rates for 2010, the final decision will be up to the Office of Insurance Regulation and Insurance Commissioner, Kevin McCarty, who could make changes.