Florida orders new emergency assessment fee on home insurance policies

Attention all Florida homeowners! If you have a home insurance policy, you are about to be hit with a new fee. The Florida Office of Insurance Regulation has ordered a new emergency assessment fee on all home insurance policies in the state.

The new fee is intended to help cover the costs of the state-run insurance company, Citizens Property Insurance Corp., providing coverage to homeowners in the event of a catastrophic event like a hurricane. The fee will also help fund the Florida Hurricane Catastrophe Fund, which provides additional backup coverage to private insurance companies.

Every homeowner in Florida with a home insurance policy will be charged the fee, regardless of whether they have their policy with Citizens or a private insurance company. The fee will be calculated as a percentage of their overall insurance premium and is expected to be between 1% and 2%.

This new fee may come as a shock to many homeowners, especially those who already pay high premiums for their coverage. However, it is important to remember that this fee is intended to provide additional protection in the event of a catastrophic event, which is a real risk in Florida. Hurricane season runs from June to November, and Florida is always in danger of being hit by a devastating storm.

Overall, the new emergency assessment fee on home insurance policies in Florida is meant to benefit homeowners across the state by ensuring that funds are available to cover damages in the event of a catastrophic event. While it may feel like an added burden, it is important to remember the potential benefits and take precautions to protect your home during hurricane season.