Two bills that would significantly change the property insurance landscape in Florida just passed their first Senate stops -- the banking and insurance committee.

SB1950 by Sen. Garrett Richter limits annual Citizens rate hikes to no more than 10 percent for individual policyholders - until rates are "actuarially sound" -- and sets aside 10 percent of the revenues for home mitigation grants for Citizens holders. The original bill also allowed for private insurers to raise rates up to 12 percent for individuals, but Sen. Mike Fasano succeeded in getting that provision stripped from the legislation.

The bill also reduces the state's financial risk in the event of a major storm. The House passed its version (HB1495) out of committee Friday.

The Senate committee today also passed legislation by Sen. Mike Bennett to allow large insurance companies who meet certain financial thresholds (like State Farm) to charge higher rates outside of state regulation. Bennett is calling SB 2036 a "consumer choice" bill, and says it will invite big companies back to Florida.

A similar bill is moving in the House.