Bill > H0909

This bill modifies the rules for Citizens Property Insurance Corporation, Florida's state-backed insurance provider of last resort, by updating eligibility requirements, rate increase provisions, and flood insurance mandates. The legislation increases the maximum dwelling replacement cost threshold for properties eligible for Citizens coverage in counties with limited insurance competition, from $1 million to $1.5 million. It also establishes a structured annual rate increase framework, allowing Citizens to incrementally raise rates by 12% in 2023, escalating to 15% by 2026 for most policies, with a lower 10% cap in counties with limited insurance competition. The bill also adjusts flood insurance requirements, phasing in mandatory flood coverage for residential properties based on dwelling replacement cost and location, with specific exemptions for certain policy types like wind-only or condominium unit policies, and properties in low-risk flood zones or with elevated structures. The underlying intent remains to provide affordable property insurance in areas where private insurers are reluctant to offer coverage, while gradually aligning Citizens' rates and risk management practices with market conditions. The changes aim to make Citizens more financially sustainable and reduce its role as a primary insurance provider by encouraging private market participation.

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https://www.flsenate.gov/Session/Bill/2026/909