FL H0529

Increases the per-unit coverage limit for condominium and homeowners' association property insurance claims from $100,000 to $200,000 multiplied by the number of residential units when an insurer becomes insolvent

Doubles the maximum annual emergency assessment that the Office of Insurance Regulation can levy on insurers from 2% to 4% of net written premiums for hurricane-related insolvencies

Emergency assessments can be used to pay covered claims of insurers rendered insolvent by hurricanes, retire bond indebtedness, and cover administrative costs

Effective date: July 1, 2020