Bill > S1024

This bill modifies the rules for Citizens Property Insurance Corporation, a state-run insurance entity designed to provide property insurance in Florida when private insurers are unwilling to do so. The bill changes eligibility requirements for property coverage, specifically adjusting the maximum dwelling replacement cost from $1 million to $1.5 million in counties with limited insurance competition. It mandates annual rate increases for Citizens policies, capping these increases at 12% in 2023, rising to 15% by 2026. The bill also updates flood insurance requirements, phasing in mandatory flood coverage for properties with higher replacement costs between 2024 and 2027, while creating exceptions for certain policy types like condominium unit owner policies and policies in specific flood zones. Additionally, the bill provides more flexibility for properties in areas with limited insurance competition, allowing some properties to be exempt from flood insurance requirements. These changes aim to balance affordable insurance access with financial sustainability for the state-run insurance corporation, addressing challenges in Florida's property insurance market.

https://www.flsenate.gov/Session/Bill/2026/1024