In accordance with House Bill 7073, the Florida Office of Insurance Regulation (OIR) has approved an update to Citizens’ Personal Lines policies. This change allows for an insurance premium deduction and/or a State Fire Marshal Regulatory Assessment Deduction. These new deductions will provide policyholders with a property insurance discount where applicable, reducing their total premium amount.

• Both deductions apply to new and renewal business with an effective date between October 1, 2024, and September 30, 2025. They will expire after one year.
• An insurance premium deduction applies to Personal Residential Multiperil (PR-M) and Personal Residential Wind-Only (PR-W) policies.
  • Equal to 1.75% of the policy premium
  • Does not apply to tenant policies
• The State Fire Marshal Regulatory Assessment Deduction applies to Personal Residential Multiperil (PR-M) policies.
  • Equal to 1% of the policy premium allocated to the peril of fire
  • Does not apply to wind-only or tenant policies

Note: Any changes made to the policy and/or the policy premium may affect the deduction amounts. Changes that would affect that policy include but are not limited to all coverage changes and cancellations.

The deductions will be displayed in PolicyCenter® in the Mandatory Additional Surcharges section of the Policy Premium screen.

Figure 1: An image of the deductions as seen in PolicyCenter

The deductions will also be displayed on the Rating Worksheet, Declarations page, and Premium Estimate page.

A new section titled Statutory Insurance Premium Deductions has been added to the declarations of all applicable personal residential policies with the information stated above.

Resources

Log in to the Agents site to access the following resources:

• Select Personal > PR-M or PR-W, select the applicable policy form, and scroll down to the most recent version of the Underwriting Guidelines.
• Select FAQs from the center menu and enter +premium, +credit, and/or +deductions in the Search field.