Paying the Piper for Last Year's Hurricanes

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Floridians will soon have to pay up for the devastating losses of last year’s hurricane season.

Homeowners can expect to see a seven percent charge after the board of a state run insurance company voted for the assessment. Some homeowners are outraged about it.

Last year’s hurricanes are gone, but certainly not forgotten. Your reminder will soon come in the form of a charge to bail out Citizens Property Insurance, the company of last resort.

The six point eight percent add-on is infuriating to Carol and Ned Bliss who chose not to live on the coast for fear of hurricane damage. “We’re still going to have to pay for people who live at the beach and risk losing everything. I plan to protest with the legislature.”

Homeowners across Florida will pay the charge, whether you live on the coast or not. So, if you pay about $1,000 for your homeowners insurance, you’ll pay an extra $70.

Citizens Property has the authority to make up debts by passing them along to insurance companies. The charge will help the company recover $516 million loss.

Justin Glover is spokesperson for Citizens Property Insurance. “We’re in a good position to continue paying claims stemming from any event this year.”

Jeff Grady, President of the Florida Association of Insurance Agents says the bail out isn’t fair. “If you are going to live along the coast, there is a price to doing so. It seems patently unfair to those who can’t afford to do so or choose not to.”

Homeowners should start seeing the charge on policies that renew after November 1.