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Given the comprehensive nature of residential property insurance reform in SB 408, which passed during the 2011 legislative session, expect Florida’s 2012 session to be a much quieter year in terms of property insurance. Both the House and Senate seem inclined to give the reforms passed in 2011 a chance to work. The exceptions to this approach could be legislation relating to Citizens Property Insurance Corp. and possible changes to the Florida Hurricane Catastrophe Fund (Cat Fund). Further, legislation allowing surplus lines insurers to take out Citizens’ policies has been filed.

Citizens, created in 2002, was originally intended to be the insurer of last resort for property risks in Florida. However, it is now the largest property insurer in the state. As of Sept. 30, 2011, Citizens has 1,460,672 policies in force with $508.5 billion in exposure. 

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