This bill amends section 627.351 of the Florida Statutes, specifically regarding the annual rate increases for coverages provided by Citizens Property Insurance Corporation. The bill establishes that the required annual rate increases and the limits on such increases will not apply to new policies issued after June 1, 2025, nor to subsequent renewals of those policies. This change aims to provide more flexibility in rate setting for new policies, allowing the corporation to adjust rates without being bound by the previously established limits.

Additionally, the bill maintains existing provisions that require the corporation to file actuarially sound rates and outlines the process for rate determination. It specifies that the corporation must still adhere to certain rate increase limitations for existing policies until the new policies come into effect. The act is set to take effect on July 1, 2025, aligning with the date when the new policy provisions will begin.

Statutes affected:
S 1448 Filed: 627.351