SB 1784 Summary

• Discontinues multi-peril discounts for policies issued or renewed after January 1, 2014, and restricts discounts from Citizens Property Insurance Corporation to those issued or renewed before that date.

• Progressively increases ineligibility thresholds for high-value residential properties: $2 million (effective 2009), $1 million (effective 2013), $750,000 (effective 2015), and $500,000 (effective 2017).

• Prohibits corporation from accepting new commercial nonresidential policies and restricts coverage to exclude screen enclosures, detached structures, watercraft, jewelry, firearms, and other specified personal property.

• Limits public adjuster fees for corporation claims to hourly rates with a 5 percent maximum of additional amounts paid over the corporation's initial offer.

• Requires property owners in special flood hazard areas to maintain separate flood insurance policies as a condition of corporation eligibility beginning January 1, 2013.

• Establishes rate-setting authority allowing the corporation to implement annual increases up to 20 percent by territory and 25 percent per policy, operating as a true residual market mechanism.

• Permits eligible surplus lines insurers to participate in depopulation and take-out programs under specified financial and regulatory conditions.