Senate Bill 1770 Passes
Posted By Givens Givens Sparks || May 15, 2013
Senate Bill 1770 passed both the Florida Senate and House of Representatives. As part of the new law, a clearinghouse will be established by January 1, 2014 wherein all new and renewal Citizens policies will be shopped to private insurers. If, during this shopping period within the clearinghouse, a private insurance company offers a similar insurance policy within 15% of the Citizens rate, the property will no longer be eligible for Citizen's insurance.
Additionally, the cap on Citizens rates will be reduced from $2 million to $1 million, and that cap will be reduced by $100,000 per year, until the cap reaches $700,000.