In a unanimous vote Wednesday morning, the Citizens Board of Governors approved a 14% price hike for policyholders -- covering single family homes, condominiums, mobile homes and rental properties.

A recent survey by the Insurance Information Institute shows an alarming trend that 15% to 20% of Florida homeowners are scrapping coverage and self-insuring their homes.

Citizens property insurance policyholders are getting letters in the mail asking them to switch to private insurance companies. The state-backed "insurer of last resort" is switching 300,000 policies.

It’s no secret that Florida is in the middle of a property insurance crisis. In fact, Florida lawmakers are working on solutions, including hiring a consultant.