The bill amends section 627.351 of the Florida Statutes to revise the eligibility criteria for residential structures seeking coverage from the Citizens Property Insurance Corporation. Notably, it raises the threshold for coverage eligibility in certain counties from a dwelling replacement cost of $1 million to $1.5 million, provided that the office determines there is a lack of competition in those areas. Additionally, the bill mandates annual rate increases for single policies issued by the corporation, with specific caps set for the years 2023 through 2026. In counties with insufficient competition, the rate increase is limited to 10 percent.

Furthermore, the bill introduces new provisions regarding flood insurance requirements for personal lines residential policies. While the corporation will generally require policyholders to secure flood insurance, it exempts certain policies, including those that do not cover wind damage, condominium unit owners' policies, and policies for structures in Zone X or elevated above the minimum base flood elevation. The effective date for these changes is set for July 1, 2025.