DeSantis Expected To Sign Property Insurance Changes Into Law
Governor Ron DeSantis says he will approve a bill that aims to fix Florida’s property insurance market.
One change would increase the eligibility threshold for new policyholders to be admitted into the state-backed Citizens Property Insurance Group.
President Barry Gilway says the change means Citizens will carry fewer policies.
“Previously you had to have a quote that was in excess of 15% higher than Citizens. That was increased to 20%," Gilway said.
Citizens was created to be the last resort for Floridians who couldn’t find affordable insurance in the private market. In recent years it’s started to take on more policies due to increased rates in the private market.
Another part of the bill allows Citizens to file for rate increases of up to 15% by 2026, where previously they were capped at 10%.
That is still far below the 30% rate increases often seen in the private market.
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