FL S1024

Increases the eligibility threshold for personal lines residential structures in counties lacking reasonable competition from $1 million to $1.5 million in dwelling replacement cost for Citizens Property Insurance Corporation coverage

Caps annual rate increases at 10% for policies in counties where the Office of Insurance Regulation determines there is not a reasonable degree of competition, compared to the standard 15% cap for 2026 and beyond

Exempts policyholders in FEMA-designated Zone X or with structures elevated at least 1 foot above minimum base flood elevation from the mandatory flood insurance requirement, but only in areas where the office determines there is not reasonable competition

Maintains existing flood insurance requirements for properties in special flood hazard areas and preserves exemptions for policies without wind coverage and condominium unit owner policies

Takes effect July 1, 2026