TALLAHASSEE, Fla. (AP) — A measure that makes modest changes to Citizens Property Insurance is heading to the desk of Gov. Rick Scott.
The Florida Senate voted 32-1 in favor of the bill (SB 1770) which creates a clearinghouse that will attempt to shift homeowners over to private insurers. The legislation also puts a $700,000 cap on the value of homes that can be insured by Citizens.
Citizens has nearly 1.3 million policyholders.
The Florida Senate initially passed a bill that would have allowed Citizens to charge much higher rates to new customers. But the House refused to go along with the bill.
Lawmakers have pushed to shrink Citizens because of fears that it may not enough have enough money to cover damages from a massive hurricane or a series of storms.