The 13 member task force established last year by the Florida to oversee the activities of Citizens Property Insurance Corp. will meet in Tampa Monday and Tuesday to discuss recommendations a preliminary report and discuss preparing a final report to present to the Legislature in March.
Recommendations contained in the preliminary report include capping homeowner’s coverage to three to five years, requiring hurricane-resistant home upgrades which would entice private insurers to take policyholders and to require homeowners to disclose a property’s vulnerability and modifications to reduce risk to buyers interested in purchasing their home.
Other recommendations the insurer of last resort is considering is capping its coverage at $1 million, or maybe even $500,000, whether to insure homes in sinkhole-prone areas and to consider limiting coverage for free-standing structures, such as pool cages and carports.
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