Citizens Property Insurance is preparing to raise rates

State regulators announced today they will hold a public hearing Tuesday on Citizens Property Insurance's request to boost policyholders' premiums by up to 10 percent starting in January.

Many South Florida homeowners can expect increases close to 10 percent but the statewide average increase is smaller: about 5 percent for coverage for homeowners who live in their home; 9 percent for coverage for homeowners with tenants; and 10 percent for condominium building coverage.

The legislature passed a law this year allowing state-backed Citizens, Florida's largest property insurer, to increase policyholders' premiums by up to 10 percent a year until its rates are financially sound.

The Office of Insurance Regulation's public hearing will start at 9 a.m. in Tallahassee and can be watched live on WFSU's Web site.

There will be a hearing on Nov. 10 about Citizens 'request to increase premiums for its high-risk policies.