It was required to refill reserves. Hurricane Katrina isn't part of this surcharge. Another deficit could mean another surcharge.
By JEFF HARRINGTON, Times Staff Writer
Published August 27, 2005
Florida Insurance Commissioner Kevin McCarty approved a plan Friday that puts property owners statewide on the hook to pay off a $515-million deficit at the state-run Citizens Property Insurance.
The board of Citizens, which covers properties that can't find property insurance in the open market, voted unanimously Aug. 17 to collect the one-time charge.
McCarty said he sympathized with homeowners socked by double-digit rate increases, but had no choice. Under state law, Citizens had to levy a surcharge after its reserves were exhausted by last year's four-hurricane season; McCarty's sole task was to make sure Citizens' deficit estimate was accurate.
The bottom line for property owners: about a 7 percent surcharge, or about $90 for someone paying $1,300 in premiums.>>>>.snip
Sacco said he's suspicious that many of those receiving the "subsidy" are wealthy coastal homeowners. In recent years, however, the ranks of Citizens have swelled by adding older homes and those in neighborhoods prone to sinkholes, many of them in Pasco County.
http://www.sptimes.com/2005/08/27/Business/Citizens__surcharge_p.shtml_______________________________________________________________________________________
Look out, Louisiana,
and don't think that the rest of the US will help pay for this storm damage in their own homeowner insurance premiums