TALLAHASSEE, Florida -- More than half a million people in the Bay area with state-run insurance could see rates significantly drop.
Citizens Property Insurance has proposed to reduce rates for 70 percent of home and condo owners in Florida.
For instance, 47,000 Hillsborough homeowners with citizens will pay a premium of $1,497 instead of the current $1,622.
However, some of those insured in homes in coastal areas could see an increase. The plan was brought before state insurance regulators Wednesday.
"It's a fairly thorough process that we review to ensure that the rates meet our statutory guidelines," said Kevin McCarty, Florida Insurance commissioner
The Office of Insurance Regulation will decide on the new rates next Thursday. If approved, they will take effect in 2015. To find out how your area will be affected, click on these links: