FL H0799

Residential property insurance rate filings must account for windstorm mitigation measures undertaken by policyholders, including wind uplift prevention, and must include actuarially reasonable discounts or credits for properties with loss-reducing fixtures or construction techniques

Citizens Property Insurance Corporation annual rate increases are capped at 12% for 2023, 13% for 2024, 14% for 2025, and 15% for 2026 and beyond (excluding sinkhole coverage, coverage changes, and surcharges), with expanded exemptions from these caps for non-primary residences and policies formerly covered by insurers found unsound or placed in receivership

Citizens policyholders must secure flood insurance on a phased schedule based on dwelling replacement cost: $600,000+ by January 1, 2024; $500,000+ by January 1, 2025; $400,000+ by January 1, 2026; and all remaining personal lines residential properties by January 1, 2027, with exemptions for policies without wind coverage and condominium unit owner policies

Property insurers that require flood coverage as a condition of wind coverage may not deny a wind claim solely because the insured lacks flood coverage, unless flood coverage verified at the time of application or renewal is no longer in force at the time of loss (effective October 1, 2023)

$750,000 is appropriated from the Insurance Regulatory Trust Fund for the Office of Insurance Regulation to conduct a residential wind-loss mitigation study evaluating windstorm loss relativities for construction features, with findings due to the Governor and legislative leaders by July 1, 2024