Bill > S0542

This bill aims to enhance flood insurance options and oversight in Florida by requiring the Office of Insurance Regulation, which oversees insurance companies, to consider projected flood losses when reviewing certain rate filings, meaning insurers' proposed prices for policies. It also permits private insurance companies to offer flood insurance within the state and allows for the creation of supplemental flood insurance policies, which would provide coverage beyond standard policies, with specific requirements for these supplemental policies. Importantly, the bill prohibits Citizens Property Insurance Corporation, a state-backed insurer of last resort, from offering flood insurance and prevents the Florida Hurricane Catastrophe Fund, which helps insurers cover major storm losses, from reimbursing claims caused by flooding, thereby clarifying the scope of coverage for these entities.