FL H0625

Commercial lines residential condominium wind-only policies written by Citizens Property Insurance Corporation for condominiums where 50% or more of units are short-term rentals (rented more than 8 times per year for less than 30 days) are exempted from the annual rate increase caps (12%-15%), effective with the next annual rate change on or after August 1, 2024; previously, such condominiums were deemed entirely ineligible for coverage.

Authorized inspectors conducting roof inspections on residential structures must use the personal Roof Condition Inspection Form issued by Citizens Property Insurance Corporation and approved by the Office of Insurance Regulation, and may attach appendices with pictures or other documentation to demonstrate remaining useful life.

Creates s. 627.70143, F.S., requiring authorized inspectors conducting roof inspections on commercial structures to use the commercial Roof Condition Inspection Form issued by Citizens Property Insurance Corporation and approved by the office, with the same option to attach supplemental documentation.

Increases minimum property loss assessment coverage under condominium unit owners' residential property policies from $2,000 to $5,000 for all assessments resulting from the same direct loss, with a maximum deductible of $250 per direct property loss, effective for policies issued or renewed on or after July 1, 2024.

Effective date is July 1, 2024.