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 allows for a maximum increase of 10% in counties deemed to have insufficient competition.

Furthermore, the bill introduces new requirements regarding flood insurance for personal lines residential policies. It stipulates that policyholders must secure flood insurance as a condition of 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, will not require flood insurance. The bill also includes provisions for policies in designated low-risk flood zones, allowing for exceptions to the flood insurance requirement. The act is set to take effect on July 1, 2025.