The bill amends section 627.351 of the Florida Statutes to modify the annual rate increase requirements for coverages provided by Citizens Property Insurance Corporation. Specifically, it stipulates that the mandated annual rate increases and the limits on such increases will not apply to new policies issued after June 1, 2025, as well as to subsequent renewals of those policies. This change aims to provide more flexibility in rate setting for new policies, potentially allowing for adjustments that reflect current market conditions.

Additionally, the bill maintains existing provisions regarding the establishment of actuarially sound rates and the corporation's obligation to file recommended rates annually. It also clarifies that new or renewal personal lines policies that do not cover a primary residence are not subject to the rate increase limitations, but must adhere to a cap of 50 percent above or below the prior year's established rate. The act is set to take effect on July 1, 2025.

Statutes affected:
H 705 Filed: 627.351