Florida homeowners will save over $650 million as an emergency insurance assessment ends two years early following the recovery of the state's insurance market.
Ever since Hurricane Ian swept up the Gulf Coast, several home insurance companies have gone under or out of business, leaving residents to cover the debt. The good news is that this debt has now been paid in full.
Many residents were unaware that they would no longer pay just over $30 a year to cover 10 failed companies, including United Property and Casualty.
Alexa Stevenson from Fort Myers said, "I honestly didn't know." She added, "It's always great to save a little bit. In this economy, it's tough, and to know we're going to save a little bit is nice."
Mark Friedlander from the Insurance Information Institute explained that the assessment is ending two years early due to the recovery of Florida's insurance market. "That is great news because of the recovery of Florida's insurance market," Friedlander said. This move saves policyholders statewide $650 million over the next two years.
Despite the high insurance costs, Doreen Eldred and her husband are looking to buy in Florida.
Eldred expressed concern, saying, "We have one big storm come through here, and it could change everything. From going well to going back down again … so that concerns us, too." She noted, "I just retired, and we're going to be on a fixed income, so those are things we have to take into consideration."
As rates slowly continue to drop after years of increases, Florida homeowners can look forward to some financial relief.
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