According to a House staff analysis, Citizens currently has only $2.63 billion in surplus, compared with a potential exposure from 1.1 million policies of $415 billion. If a hurricane were to cause a loss of more than $6.1 billion, Citizens would have to levy a 30 percent assessment on policyholders, the report said.

Citizens' rates have been frozen at a 2005 level since 2007. The two measures under consideration would let the freeze expire. But according to Sam Miller, Florida Insurance Council executive vice president, some Senate amendments have been proposed to extend the freeze.

Changes proposed for the Hurricane Catastrophe Fund are designed to bolster an operation that faces a potential $19 billion shortfall. The fund provides below-cost reinsurance for insurers, which are required to pass their savings on to consumers.

Under the proposed change, there would be an extension of the fund's Temporary Increase In Coverage Limit (TICL) Options until May 31, 2016, with an annual corresponding decrease in the percentage of reimbursement available from the fund under this option.

According to the House staff analysis insurers, purchasing the TICL option will annually incur more of the claim losses reinsured with this coverage, and so will become less reliant on the cat fund for reimbursement of these losses.

The bill allowing higher-priced property insurance policies would allow sale of a new "non-assessable residential property insurance policy."

Rates for such policies could only be disapproved by Florida's Office of Insurance Regulation if they were inadequate or contained rating factors contrary to the unfair trade practices statute.

The policies would not be subject to assessments by Citizens. A notice to consumers would be required in the application for the policy and in the notice of policy renewal stating that the policy is subject to rate regulation for adequacy only, and is not subject to Citizens' assessments.

The staff analysis noted that "some homeowners may be willing to pay the higher premium in exchange for not being subject to assessment by Citizens."

Florida Insurance Commissioner Kevin McCarty today issued a statement strongly opposing the measure, saying that "by allowing large national insurers to write homeowners policies that are unregulated for excessiveness," it "will very likely yield substantial and unpredictable rate increases."

"I can assure you that the companies who seek to take advantage of the proposal are not going to reduce their rates if this bill passes. They will almost assuredly increase the rates they charge in Florida," he added.

"There is no guarantee that these companies will continue to write in Florida, even if this bill passes," the commissioner said. "Not a single company has indicated to me a willingness to either stay in Florida or write new business if this proposal is adopted."