CS/CS/HB 879 - Flood Insurance Summary

• Adds projected flood losses as a factor the Office of Insurance Regulation must consider when reviewing personal residential property insurance rate filings, effective October 1, 2019.

• Requires the Florida Commission on Hurricane Loss Projection Methodology to adopt standards and guidelines for personal lines residential flood loss projections by July 1, 2017.

• Authorizes authorized insurers to offer personal lines residential flood insurance on a standard, preferred, customized, or supplemental basis with specified coverage requirements.

• Prohibits Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund from providing flood insurance or reimbursing flood losses.

• Requires insurers writing flood coverage to notify the Office of Insurance Regulation at least 30 days in advance and file a plan of operation unless maintaining at least $35 million in surplus; permits surplus lines agents to export flood coverage without the standard three-insurer diligent search requirement until July 1, 2017.