Bill > H0275

This bill modifies the rate-setting rules for Citizens Property Insurance Corporation, Florida's state-backed insurance provider of last resort. Currently, the corporation is limited to annual rate increases of 12% in 2023, rising to 15% by 2026, for policies covering primary residences. The bill introduces a significant change by removing these rate increase limitations for new policies issued on or after June 1, 2026, and their subsequent renewals. However, this exemption does not apply to new policies in counties where the state determines there is not a reasonable level of insurance market competition. The bill maintains the existing requirement that Citizens' rates must be actuarially sound and not competitive with private market rates, ensuring it remains a backstop for insurance coverage. The goal appears to be giving Citizens more flexibility in pricing new policies while still protecting homeowners in areas with limited insurance options. The change could potentially allow Citizens to set rates closer to true risk levels, which might impact insurance costs for Florida homeowners.

Business and Industry

https://www.flsenate.gov/Session/Bill/2026/275