Florida Citizens Posts Info on New Flood Insurance Requirements

August 24, 2023

Citizens Property Insurance Corp., Florida’s residual but still-largest property insurer, has posted new information about when and where flood insurance is required for policyholders.

The Florida Legislature last year approved Senate Bill 2A, making big changes to laws governing claims litigation and requiring most Citizens’ policyholders to also obtain flood insurance within three years. The idea, supporters of the bill said, was to help push homeowners back to the primary market and help protect Citizens from legal disputes over wind-versus-water damage.

This year, lawmakers revised the law slightly to exclude policyholders who own condominiums on upper floors.

The bulletin from Citizens, posted Aug. 22, explains the phase-in of the flood requirement:

  • Starting in January 2024, all structures with a replacement value of $600,000 must obtain flood insurance.
  • The value requirement of the structure drops until 2027, when all Citizens-covered structures, regardless of value, must maintain flood coverage.

The insurer said it will soon send more information to agents, including a list of their affected policies.

The recent bulletin can be seen here, and on the Citizens website.

Related: Significant Community Flood Insurance Discounts Are Available

Related: FEMA Releases New Flood Insurance Rates by ZIP Code. Brace for Impact.

Topics Florida Flood

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