Bill > H0835

This bill makes several changes to the Citizens Property Insurance Corporation, a government entity that provides property insurance to Florida residents who cannot obtain it in the private market. Key provisions include gradually phasing out coverage for high-value residential structures, with eligibility limits decreasing each year from $1 million in 2014 down to $500,000 by 2019, though exceptions exist for counties with limited market competition. It also prohibits coverage for new construction or substantial improvements to major structures located seaward of the coastal construction control line or within the Coastal Barrier Resources System, starting July 1, 2014. The bill revises the board of governors to include a consumer advocate, restricts eligibility for renewal policies if private market coverage is available at a slightly higher cost, and mandates disclosures about potential surcharges and policyholder obligations. Additionally, it establishes an Office of Inspector General within the corporation to promote accountability and integrity, makes the corporation subject to state agency purchasing requirements with specific protest procedures, and allows insurers taking over policies from Citizens to use its policy forms for a limited time without prior approval. Finally, it authorizes Citizens to offer policy forms that allow it to repair or replace damaged property instead of paying the loss value.