HB 947 - Property Insurance Summary

• Treats an insurer's projected payout from the Florida Hurricane Catastrophe Fund as the insurer's coverage amount for regulatory and reinsurance purposes if calculated under specified methods.

• Limits public adjuster compensation for emergency-declaration claims to 10 percent (down from 20 percent) for one year following the Governor's emergency declaration; regular 20 percent limit applies thereafter.

• Allows insurers to use straight averages or weighted averages of hurricane and flood loss projection models for rate filings instead of being limited to individual models.

• Exempts certain personal lines residential structures with dwelling replacement cost under $900,000 and single condominium units with combined replacement cost under $900,000 from the Citizens Property Insurance Corporation's annual 10 percent rate increase cap.

• Modifies Citizens Property Insurance Corporation eligibility rules so applicants receiving private market offers at or below the eligibility threshold, or renewals with offers within 5 percent of corporation renewal premium, are ineligible for corporation coverage.