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The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
Association members are all Florida-licensed direct writers of property and/or casualty insurance. FIGA's authority is codified in the Florida Insurance Guaranty Association Act, Florida Statutes 631.50 through 631.70. FIGA has the power to levy assessments against the insurer's direct written premiums, not to exceed 2% in any calendar year.
The crisis in the Florida insurance market. Florida has always been a complex home insurance market. Since 2017, eleven property and casualty companies that offered homeowners insurance in Florida ...
Florida’s insurance policies — including windstorm coverage, but not flood protection — averaged around $6,000, 42% higher than in 2022, according to the institute.
Home insurance costs are expected to rise by 40% in Florida in 2023; state governments have some power to limit those hikes, or to make cheaper government insurance available, but they cannot ...
Florida Department of Financial Services (FLDFS) is a state agency of Florida.Its headquarters are in Tallahassee. [1] In 2002 the Florida Legislature merged the Department of Insurance, Treasury and State Fire Marshal and the Department of Banking and Finance into one department, the Florida Department of Financial Services.