image credit: Adobe Stock

Florida regulators mull lifting $700,000 policy cap on Citizens

September 1, 2022

Florida’s Office of Insurance Regulation (OIR) is looking into the possibility of raising the $700,000 cap on policies sold by the state insurer of last resort, Citizens Property Insurance Corp.

By law, Citizens is prohibited from providing replacement cost coverage of over $700,000 for homes – except in Miami-Dade and Monroe counties, where the limits are $1 million instead.

During a Citizens committee meeting this week, OIR deputy commissioner Susanne Murphy said that the department is assessing the possibility of lifting the cap in additional counties. It was noted that state law would allow the decision, but only if regulators can prove that “there is not a reasonable degree of competition” in those counties.

Read More on Insurance Business