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. It establishes that in counties where there is a lack of competition, personal lines residential structures with a dwelling replacement cost of less than $1.5 million will be eligible for coverage, an increase from the previous threshold of $1 million. Additionally, the bill mandates annual rate increases for policies issued by the corporation, with specific caps set for the years 2023 through 2026, and introduces a provision for a maximum 10% rate increase in counties deemed to have insufficient competition.

Furthermore, the bill outlines new requirements for flood insurance, stating that policyholders must secure and maintain flood insurance as a condition for coverage, with specific deadlines based on the dwelling replacement cost. However, certain policies, such as those that do not cover wind damage or are for condominium unit owners, are exempt from this requirement. The bill also includes provisions for policies in designated flood zones and those elevated above minimum flood elevations. The effective date for these changes is set for July 1, 2025.