The Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in the state.
By a unanimous vote, the committee endorsed Senate Bill 1106, which would raise the policy limit on homes that can be insured by Citizens, from $700,000 to $1 million. The bill, sponsored by state Sen. Ed Hooper, R-Palm Harbor, also would do away with the glidepath, which has limited Citizens’ premium increases to no more than 15% per year, for homes and condominium units in that value range. It would also place a surcharge on the policies of $2,500 or 25% of the premium.
