FL S0876

Authorizes insurers to offer residential property insurance at rates up to 10 percent above previously approved rates without full regulatory review, subject to separate rate filings and actuarial certification.

Excludes policies offered under this new rate option from calculations used to determine Citizens Property Insurance Corporation (CPSC) assessment eligibility.

Requires applicants and policyholders to sign acknowledgments disclosing potential surcharges (up to 15 percent) and assessment liability from CPSC deficits before accepting coverage.

Establishes that CPSC policyholder surcharges must be fully levied before any regular assessments can be collected, and surcharges are collected upon policy issuance, renewal, or cancellation rather than upfront.

Prohibits insurers using the new rate option from purchasing temporary catastrophe coverage from the Florida Hurricane Catastrophe Fund and requires they provide Citizens Property Insurance Corporation premium comparison quotes to applicants.