Citizens Property Insurance Corp. plans to eliminate homeowners coverage on roughly 7,500 coastal homes valued over $1 million and reduce the amount of homeowner liability coverage in a measure designed to reduce the size of the state-backed insurer and corresponding risk to Florida taxpayers.
The current cap is $2 million. They also want to reduce its maximum homeowner liability coverage from $300,000 to $100,000 and eliminate its optional buyback. These changes would take effect next year and do not require legislative approval.
Citizens was created by the Legislature in 2002 to provide insurance to homeowners in high-risk areas and those who cannot find coverage in the private market. Read entire article on Citizens Property Insurance changes here.
