More than a million people in Florida will be seeing a big jump in hurricane insurance, as the state's insurer of last resort struggles to reduce its exposure to a catastrophic storm.

Board members recently voted for an 8.8 percent rate increase, which adjustor Hector Chinea says will drive down home sales.

"If I didn't own a house in Florida, if I didn't own a house in Miami, I would really think twice when I sat at the closing table and I found out that there was going to be such an exorbitant amount of money paid for insurance."

But Citizens says it's hard to keep insurance rates low when a state law mandating a 10 percent cap on annual rate increases prevents them from building a reserve fund.

"Citizens in particular is capped at a maximum of 10 percent increase per year.  That keeps us from getting to actuarial soundness quickly, so that's why rates continue to rise every year," says Citizens chairman Carlos Lacasa.

Private insurers in Florida aren't writing policies for hurricane insurance anymore, so if you're one of the million people affected, Citizens Property Insurance was the only choice.