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, effective January 1, 2017, structures with a dwelling replacement cost of $700,000 or more are ineligible for coverage, but this does not apply in counties where there is insufficient competition. In such counties, the threshold for eligibility is raised to $1.5 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 counties lacking competition, allowing a maximum increase of 10 percent.

Furthermore, the bill outlines new requirements for flood insurance, stating that personal lines residential policyholders must secure flood coverage based on the replacement cost of their structures, with specific deadlines ranging from January 1, 2024, to January 1, 2027. However, certain policies, such as those not covering wind or those for condominium unit owners, are exempt from this requirement. The bill also includes provisions for policies in designated flood zones, allowing exemptions if the office determines a lack of competition in those areas. The act is set to take effect on July 1, 2026.