TAMPA, Fla. — A deadline looms in that more than a million Floridians could face a major increase in the price of their homeowners insurance.

Citizens Property Insurance is proposing raising its rates by about 14 percent to reduce the amount of insurance holders by the end of the year. This could result in an average price increase for policy holders by more than $500.

Some insurance companies left the state as rates soared, forcing people onto Citizens — the state insurer of last resort. The company says the new rate will be within 20 percent of private carriers, making some people no longer eligible for Citizens and to also reduce financial risks.

Colin Rice, a homeowner in south Tampa and an attorney involved in land use, says this could create a ripple effect across the economy.

“We’ve got existing homeowners that will see their purchasing power diminish, so that has a knock-on effect with the economy — discretionary spending, restaurants, movies, things with your kids — you have less available, so something has to go and you can't leave your home,” Rice said.

He also said it could hurt developers, affecting the construction of new homes. 

"If supply isn’t catching up yet, the purchasing power of perspective owners is also diminished. It's less incentive to build more, it kind of feeds upon itself," Rice said. "That makes me a little worried for our market."

For Rice, he is worried about the future and what this will mean for the housing market in Florida. 

According to the National Association of Realtors, the state has the highest rates in the nation at nearly $11,000 a year – that’s four times the national average.

The decision and final order on the rate increase request is expected to be published sometime Monday.