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Senate panel to prep massive changes to property insurance market

Homeowners in Florida could be looking at a vastly different property insurance market next year if all of the proposals heard Wednesday by the Senate Banking and Insurance Committee make it through the Legislature.

Plans to shrink the Florida Hurricane Catastrophe Fund, increase the 10 percent cap on rate hikes for Citizens Property Insurance Corp., create a clearinghouse for customers to help usher them into the private sector and away from Citizens, consolidate wind mitigation programs and reduce exposure to coastal homes, and preventing second homes from going into Citizens were all suggested to the panel.

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