Regulators Consider Removing Florida Citizens Insurance $700K Policy Cap
Wednesday, September 7th, 2022 PropertyAs Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies.
The insurer of last result is not legally permitted to cover more than $700K of a ‘replacement cost’.
The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead.
The issue is that the home coverage market in Florida is in a critical state and homeowners are struggling to be able to find any coverage at all, forcing them to turn to the insurer of last resort for a policy. However, for high-value properties, the $700,000 cap could be inadequate.
External References & Further Reading
https://www.liveinsurancenews.com/citizens-insurance-policy-cap/8554888/
