Miami-Dade, Monroe homeowner’s insurance changes proposed

TALLAHASSEE – A state House Republican has filed a proposal that could lead to more homeowners in Miami-Dade and Monroe counties being eligible for coverage from the Citizens Property Insurance Corp.

The bill, filed by Rep. Jim Mooney of Islamorada, would allow homes in Miami-Dade and Monroe with “replacement costs” up to $1.5 million to qualify for Citizens coverage. Under current law, homes in Miami-Dade and Monroe with replacement costs up to $1 million can qualify – while homes in all other counties face a $700,000 cap.

Miami-Dade and Monroe have the higher cap because state regulators have determined they do not have a “reasonable degree of competition” for insurance coverage.

The possibility of increasing the $700,000 cap in other counties has been floated in the past, but it is not included in Mooney’s bill, which was filed as Citizens tries to shift more policies into the private market.

The bill also would make a rate change geared to help homeowners in Miami-Dade and Monroe. State law limits annual rate increases for Citizens customers through what is known as a “glide path.” This year, for example, the maximum increase was 12 percent. It will go to 13 percent in 2024, 14 percent in 2025, and 15 percent after that. Mooney’s bill would cap annual rate increases in Miami-Dade and Monroe at 10 percent.