As Florida's property-insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.
"If there's a direct-hit Category 5 storm that hits Miami, you're going to see 20 insurance companies go bankrupt and are not going to be able to pay claims. It's become a big problem," said South Florida insurance broker Joseph Gendelman.