This bill amends section 627.351 of the Florida Statutes, specifically addressing the rates for coverage provided by the Citizens Property Insurance Corporation. It establishes that the limitations on annual rate increases will not apply to new policies issued on or after June 1, 2026, as well as to subsequent renewals of those policies. However, there is an exception for new policies covering primary residences in counties where the office determines there is insufficient competition in the insurance market.

Additionally, the bill maintains the requirement that rates must be actuarially sound and not competitive with those in the voluntary market. The corporation is still required to file its recommended rates annually, and the office will issue a final order on those rates within 45 days. The bill aims to provide more flexibility in rate setting for new policies while ensuring that existing regulations regarding actuarial soundness and market competitiveness remain in place.

Statutes affected:
H 275 Filed: 627.351