For the last ten years, Florida consumers have been paying a 1.3% hurricane assessment on most property insurance policies and we are glad to report this surcharge will end according to the Florida Office of Insurance Regulation. The assessment will be discontinued on policies renewed or issued on or after January 1, 2015. This is good news for Florida policyholders who should see an across the board reduction in property insurance premiums
.In addition, Florida’s home-grown Property Insurance Corporation ( Citizens) announced that a 1% hurricane tax will be eliminated from their bills. It’s been almost 10 years since Florida suffered major losses due to hurricanes and you might ask, are we better prepared to weather the financial losses from storm damage than before?
Citizens it seems is in strong financial shape according to a recent press release. Read the linked pdf below