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 introduces a provision stating that the annual rate increase limitations 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 without being constrained by the previously established limits.

Additionally, the bill maintains existing requirements for the corporation to file actuarially sound rates and to implement annual rate increases for existing policies, with specified caps for the years 2023 through 2026. The effective date for this act is set for July 1, 2025, ensuring that the new provisions will be in place for the upcoming policy year. Overall, the bill seeks to balance the need for affordable insurance coverage with the financial sustainability of the Citizens Property Insurance Corporation.

Statutes affected:
H 705 Filed: 627.351