Floridians have more to celebrate this New Year as Florida's hurricane insurance charge has ended as of January 1st. According to the Bradenton Herald, for the first time in nearly a decade, Floridians will encounter lower insurance taxes due to the elimination of Florida's Catastrophe Fund Emergency Assessment, also known as hurricane tax. After the calamitous hurricane season of 2004-05, hurricane tax assessments were brought on to help pay off the damage from those awful storms. Insurance policies in the state of Florida including, home, auto, and business no longer have to pay the mandatory Florida Catastrophe Fund Emergency Assessment.
Although the Florida Catastrophe Fund claims to be stable, there are still concerns Florida taxpayers will have to deal with billions of dollars in damages if there were to be one or more strong storms to hit the state, especially since Florida has avoided a direct hit from a hurricane for nearly ten years. The president and CEO of Florida TaxWatch, Dominic Calabro, spoke about these concerns stating, "Florida policymakers must take steps to ensure taxpayers do not need to worry about taxes rising while preparing to protect their homes, loved ones, and communities during the hurricane season."
Florida Peninsula's aim is to combine the latest technology with old-fashioned coutesy and customer service. As one of Florida's top homeowners insurance companies, we strive to provide efficient, cost-effective, peace-of-mind home insurance protection for our policyholders. To learn more about Florida Peninsula, please give us a call for a home insurance quote at (877) 229-2244 or visit our website.
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