FLORIDA
Bill Would Require Citizens Property to Offer Wind-Only Coverage to All Floridians
TALLAHASSEE, Fla. //BestWire// - A bill requiring Citizens Property Insurance Corp. to offer wind-only coverage to all Florida homes and commercial residential structures was introduced in the Florida House of Representatives Subcommittee on Insurance and Banking on Jan. 6.
The bill, which would take effect July 1 if enacted, would require Citizens’ wind-only policies to cover both the structure and its contents, regardless of the property/casualty carrier providing coverage against other perils. Homeowners would still need to buy other coverage from the private market.
The windstorm coverage would be available to homeowners, condominium associations and “any residential structure”, including mobile homes that meet tie-down requirements maintained by the Department of Highway Safety and Motor Vehicles, according to the bill’s text.
House Bill 13 was introduced by Rep. Hillary Cassel, a Republican from Florida’s 101st district who sponsored a similar proposal during the 2024 legislative session (BestWire, Jan. 12, 2024).
Industry groups opposed the 2024 version of the bill, saying it would put the risk for losses directly on the shoulders of taxpayers. The bill would also make the insurer of last resort a larger entity than it already is, Citizens said at the time.
The bill also had the potential to bankrupt the state, Mark Friedlander, director of corporate communications for the Insurance Information Institute, said of the 2024 legislation.
During 2023, Citizens was Florida’s largest home insurer, based on direct premium, with a 18.57% market share, according to BestLink. The other leading home carriers in 2023 were: Universal Insurance Holdings Group, 8.47%; State Farm Group, 6.88%; Florida Peninsula Group, 4.88%; and Tower Hill Group, 4.35%.
Attempt to gain comment from Cassel, Citizens Property Insurance Co. and Florida insurance trade groups on the 2025 version of the bill were unsuccessful.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)