FL H0889

Effective July 1, 2024, personal lines residential structures with a dwelling replacement cost of $1 million or more, or single condominium units with a combined dwelling and contents replacement cost of $1 million or more, are ineligible for Citizens Property Insurance Corporation coverage, replacing the previous phased-down thresholds of $700,000–$900,000 and eliminating exceptions for counties lacking competitive markets.

Annual rate increase caps on single Citizens policies (12% for 2023 up to 15% for 2026+) do not apply to personal lines residential structures with a dwelling replacement cost of $700,000 or more or single condominium units with a combined dwelling and contents replacement cost of $700,000 or more.

Effective July 1, 2024, a surcharge equal to the lesser of $2,500 or 25% of the corporation's rate applies to each policy covering personal lines residential structures or single condominium units with a replacement cost of $700,000 or more, to ensure corporation rates are not competitive with the voluntary market.

Personal lines residential structures with a dwelling replacement cost of $700,000 or more and single condominium units with a combined dwelling and contents replacement cost of $700,000 or more become ineligible for Citizens coverage effective July 1, 2024, if the risk is offered comparable coverage from an authorized insurer at approved rates under a standard policy including wind coverage.

The act takes effect July 1, 2024, and amends section 627.351, Florida Statutes.