FPCA Homeowners Division: Update Regarding Citizens Bill
Feb 28, 2011
FPCA Homeowners Division Members:
The Governor’s office has provided some guidance on what they would like to see in the Citizens bill. Specifically, the Governor would like Citizens to be able to avail itself of the option to offer sinkhole coverage such that Citizens is included in the “shall” to “may” change in SB 408. In addition, the Governor would like to see further restrictions on the types of homes eligible for coverage in the PLA. In this regard, revisions to reduce the residential structure cap in the PLA to $750K in 2014 and $500K in 2016 have been proposed.
It is our understanding that the Governor will be vocal in supporting the bill, and that the bill sponsors are comfortable with the proposed revisions. We anticipate the bill will be filed next week and that it will contain these revisions.
Should you have any questions, please contact Katie Webb (kwebb@cftlaw.com).
