FL S0634

Removes the annual rate increase caps (currently 12-15% depending on year) for new policies issued by Citizens Property Insurance Corporation on or after June 1, 2026, allowing actuarially sound rates to be charged immediately

Applies the removal of rate caps to subsequent renewals of policies originally issued on or after June 1, 2026

Maintains existing rate increase limitations for policies covering primary residences in counties where the Office of Insurance Regulation determines there is not a reasonable degree of competition in the private insurance market

Preserves current rate cap structure for existing policies issued before June 1, 2026, which limits annual increases to 15% for 2026 and subsequent years