Citizens Property Insurance

The projection has been scaled back because Citizens has not seen as many claims as initially expected in areas outside of hard-hit Lee, Charlotte and Sarasota counties.

Citizens president and CEO Barry Gilway said private property insurers are projected to have $1 billion in losses this year, as the property insurer has more than doubled its number of policies in two years.

It would lift a $700,000 cap on policies as homeowners struggle to find coverage.

The state-backed Citizens Property Insurance Corp. has surpassed 1 million policies for the first time since 2014. Citizens has been absorbing an influx of policies as private insurers drop customers and push for large rate increases.

Citizens Property Insurance Corp. would take on a reinsurance role to help make sure claims get paid if private insurers go insolvent.

It comes as private insurers have shed customers and sought rate increase due to financial troubles.

Sen. Jeff Brandes, R-St. Petersburg, compared conditions in the industry to having “Stage 4 cancer and failing” but that the proposals were like treating “Stage 1 cancer.”

Property insurance rates are skyrocketing and Florida lawmakers promise action.

Homeowners are paying more for less coverage as insurance companies ditch customers. Others have gone out of business.

DeSantis indicated the insurance session, which he is targeting for May, would try to “bring some sanity and stabilize and have a functioning market.”

The session would address rising property insurance rates — which Sen. Jeff Brandes claims are “out of control.” Gov. DeSantis voiced his support.

With lawmakers scheduled to return to Tallahassee on April 19 for a brief special session on congressional redistricting, Brandes announced Wednesday he would undertake the polling process to hold a special session on insurance if House Speaker Chris Sprowls, R-Palm Harbor, and Senate President Wilton Simpson, R-Trilby, failed to do so.