Skip to comments.‘Hurricane Tax’ On Insurance Policies To End 18 Months Early
Posted on 07/23/2014 3:25:31 AM PDT by SoFloFreeper
An extra charge on property-insurance and auto-insurance policies to cover claims paid for the 2004 and 2005 hurricane seasons will end Jan. 1....
The orders make official a decision Gov. Rick Scott and the Cabinet made last month to end the assessment, Amy Bogner, a spokeswoman for the Office of Insurance Regulation, said in an email.
The assessment, which first appeared at 1 percent in 2007...
(Excerpt) Read more at miami.cbslocal.com ...
Not that I would read the article or anything, but why is the gubmint in the business of setting insurance rates anyway?
Many coastal FL properties have had their insurance jump ten-fold or more this year so this is negligible. Practically speaking the coastal mortgage holders are being forced out of their properties so developers can scoop up their property and build more resorts for the oligarchy.
It’s either buy with cash or a mortgage 10+ miles from the coast.
Pensacola Beach, FL
Sullivans Island, South Carolina
Moved to a relatively safe coastal area of Florida (1 hurricane/45 yr. avg.) from DC area and was shocked at insurance cost. Florida house is valued at 50% of NOVA house yet insurance costs three times as much. I’m considering being self insured as several friends facing $11,000 plus premiums have done. Insurance companies play a costly game down here, frequently requiring house upgrades, dropping out of the market, or high deductibles that almost assure only a direct hit would require a payout.
If you live in certain ZIP codes in Texas you have to have a separate wind policy which is controlled by the State of Texas. Even though we have not had any hurricanes since Ike, the costs to homeowners for this coverage continue to climb.
The State Senator and State Representative for our area also serve on the commission that controls this coverage and they each have their own insurance agency. Politics as usual.