TALLAHASSEE – A condition Home Republican has filed a proposal that could direct to far more householders in Miami-Dade and Monroe counties currently being qualified for protection from the Citizens House Insurance Corp.
The monthly bill, filed by Rep. Jim Mooney of Islamorada, would allow for properties in Miami-Dade and Monroe with “alternative fees” up to $1.5 million to qualify for Citizens coverage. Underneath present-day regulation, houses in Miami-Dade and Monroe with alternative fees up to $1 million can qualify – although homes in all other counties confront a $700,000 cap.
Miami-Dade and Monroe have the bigger cap simply because state regulators have identified they do not have a “acceptable diploma of level of competition” for insurance plan coverage.
The probability of escalating the $700,000 cap in other counties has been floated in the past, but it is not incorporated in Mooney’s invoice, which was submitted as Citizens attempts to change much more policies into the non-public current market.
The bill also would make a amount change geared to assistance homeowners in Miami-Dade and Monroe. Condition law limitations once-a-year fee raises for Citizens customers via what is recognized as a “glide route.” This calendar year, for example, the most raise was 12 percent. It will go to 13 p.c in 2024, 14 % in 2025, and 15 percent immediately after that. Mooney’s invoice would cap once-a-year rate will increase in Miami-Dade and Monroe at 10 %.
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