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FL S1448
Bill
AI Summary
- Exempts new Citizens Property Insurance Corporation policies issued after June 1, 2025, and their subsequent renewals, from the annual rate increase caps currently set in statute (12%–15% depending on year)
- Current law caps annual rate increases for Citizens policies at 12% (2023), 13% (2024), 14% (2025), and 15% (2026 and beyond), excluding sinkhole coverage, coverage changes, and surcharges
- Existing policies issued on or before June 1, 2025, would continue to be subject to the graduated annual rate increase caps upon renewal
- Citizens Property Insurance Corporation rates must be actuarially sound and not competitive with the admitted voluntary market, ensuring it functions as an insurer of last resort
- Effective date is July 1, 2025
Legislative Description
Annual Rate Increases for Coverages by Citizens Property Insurance Corporation
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available