New Year Brings Lower Coverage Limits in Citizens
The maximum personal residential coverage limits available from Citizens Property Insurance Corporation decreased as of January 1, 2017, in accordance with a law passed in 2013 providing for a gradual step-down in the limits. Effective January 1, the following risks are no longer eligible as new business or renewals:
- A structure that has a dwelling replacement cost (Coverage A) of $700,000 or more;
- A single condominium unit with a combined dwelling and contents replacement cost (Coverage A and C) of $700,000 or more; or
- A tenant contents policy with a Coverage C limit of $700,000 or more.
The Florida Office of Insurance Regulation previously determined there is not a reasonable degree of competition in Miami-Dade and Monroe counties. Therefore, these counties are exempt from the decreased coverage limits, and maximum limits of $1 million continues to apply in these counties.