Florida S0634 modifies rates for Citizens Property Insurance Corporation coverage, exempting new policies from certain rate increase limits.

Florida S0634 amends the rates for Citizens Property Insurance Corporation coverage, exempting new policies from certain rate increase limits. The bill specifies that new policies, including renewals, are not subject to the rate increase limitations in subparagraph 5. However, these policies may not be charged more than 50 percent above or below the prior year's established rate. The corporation must annually implement actuarially sound rates that are not competitive with approved rates in the admitted voluntary market.

Florida S0634 modifies rates for Citizens Property Insurance Corporation coverage, exempting new policies from certain rate increase limits.

Florida S0634 amends the rates for Citizens Property Insurance Corporation coverage, exempting new policies from certain rate increase limits. The bill specifies that new policies, including renewals, are not subject to the rate increase limitations in subparagraph 5. However, these policies may not be charged more than 50 percent above or below the prior year's established rate. The corporation must annually implement actuarially sound rates that are not competitive with approved rates in the admitted voluntary market.