Citizens to End Assessment Early
Citizens Property Insurance Corporation announced that a surcharge on Florida homeowners insurance premiums will end about two years earlier than originally planned. The assessment has been in place to pay off bonds from the 2005 hurricane season.
The surcharge will end as of July 1, 2015. Inital projections would have extended the surcharge until June 30, 2017. Citizens is able to take this step because it projects the bonds will be paid off next year.
The surcharge most recently has been 1% of Floridians’ premiums. These surcharges have applied to policyholders throughout the state, even if they have policies from private insurers and never had policies with Citizens.
Earlier this summer the Office of Insurance Regulation and the Florida Hurricane Catastrophe Fund announced that an FHCF surcharge also would be ending earlier than initially projected.