An End to Florida’s Hurricane Tax

The 2004-2005 hurricane season brought a few extreme storms to the United States, causing millions of dollars of damage and leaving many displaced from their homes. As a response to the damage, all Florida insurance policies, including home, auto, and business, have included an additional hurricane tax. The proceeds from this tax contributed to the Florida Catastrophe Fund Emergency Assessment, helping to repair damages from extreme storms. While the funds did assist in rebuilding what was lost during the hurricanes, Floridians experienced increased insurance rates for over a decade.

At the onset of 2015, however, legislators announced the official end of the Florida hurricane tax, marking the first time in over ten years that Florida residents experienced relief on their insurance payments. Frontrunners of the movement cited the end of the hurricane tax as a way to help working citizens save more of their earned money, and to further promote the growth and expansion of business.

Legislators do caution that this action occurs at a time when Florida has not been directly hit by a hurricane in over a decade, leaving many homeowners unprepared for a massive storm. While the relief in taxes is beneficial for the economy, many are calling for a reformation of the Florida Catastrophe Fund to help the state’s residents protect their homes and businesses from any potential future damage.

As a homeowner, what does the end of this tax mean for you? It means that the premium on your homeowners’ insurance should see a reduction as of the beginning of this year. However, there are certain policies that may still include a premium, depending on when they were taken out. It is important that you speak with your agent to review your current payments and understand what’s next for your policy.

When you’re seeking an insurance firm you can trust, turn to the experts at Corkhill. Our team of professionals is dedicated to customer satisfaction and strives to ensure that you have a transparent, upfront experience from start to finish. To get started with Corkhill, give us a call at (407) 898-8891 today.