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Florida Citizens approves early end to 'hurricane tax'

The Florida Citizens' Board of Governors voted to end a 1% surcharge imposed on most Florida homeowners' policies two years earlier than planned.

By Caterina Pontoriero | Updated on September 25, 2014
Hurricane Wilma in Biscayne Bay, Miami, Fla.

The Florida Citizens’ Board of Governors voted unanimously yesterday to end a 1% surcharge imposed on most Florida homeowners’ policies two years earlier than planned, reports The Miami Herald. Previously scheduled to end on June 30, 2017, the assessment will now end on July 1, 2015.

The special emergency assessment was added to property insurance bills in Florida in 2007 to pay off storm repair debt following Hurricane Wilma in 2005. The storm created a $1.7 billion deficit, $623 million of which was picked up by the state. The 1% (originally 1.4%) surcharge was established to recoup $887 million, says the Herald. The rest was paid by additional assessments on Citizens customers.

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