FL S1106

Establishes a uniform $1 million dwelling replacement cost threshold effective July 1, 2024, above which personal lines residential structures and single condominium units are ineligible for coverage by Citizens Property Insurance Corporation, replacing the previous tiered thresholds that had stepped down from $1 million to $700,000 between 2014 and 2017

Removes the annual rate increase cap (12-15% per year) for 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, effective with the corporation's next annual rate change on or after August 1, 2024

Imposes a surcharge on policies covering structures or condominium units with replacement costs of $700,000 or more, equal to the lesser of $2,500 or 25 percent of the uncapped premium, to ensure the corporation's rates are not competitive with the private voluntary market

Prohibits coverage by the corporation for personal lines residential structures or condominium units with replacement costs of $700,000 or more if the risk is offered comparable coverage from an authorized insurer at approved rates under a standard policy including wind coverage, effective August 1, 2024

Takes effect August 1, 2024