Insurance surcharges add up for Florida property owners

Many Floridians already facing soaring insurance rates will be hit by additional surcharges that could tack another 9 percent to their premiums next year.

The Florida Insurance Guaranty Association approved a new 2 percent surcharge. It will be added to most Florida property insurance policies in the spring.

The association previously approved a 2 percent levy. Residents also face a 4 percent increase to offset the state-run Citizens Property Insurance Corp.’s 2005 losses and an additional 1 percent for the Florida Hurricane Catastrophe Fund, which is backup coverage for insurers.

Michelle Lovern, of the guaranty association, said the latest charge is needed to cover losses from the failure of Poe Financial insurers.

Topics Florida Property