Covering the Cost of the 2004 Hurricanes

Last year’s hurricanes are gone but certainly not forgotten. Your reminder will soon come in the form of a charge to bail out Citizens’ Property Insurance, the company of last resort.

The six point eight percent add-on is infuriating to Carol and Ned Bliss who chose not to live on the coast for fear of hurricane damage.

Carol says, “We’re still going to have to pay for people who live at the beach and risk losing everything.”

Ned says that they plan to protest with the legislature.

Homeowners across Florida will pay the charge, whether you live on the coast or not. If you pay about $1,000 for your homeowners insurance, you’ll pay an extra 70 dollars. Citizens Property has the authority to make up debts by passing them along to insurance companies.

The charge will help the company recover 516 million dollar loss.

Justin glover, spokesperson for Citizens Property Insurance says, “We’re in a good position to pay continue paying claims stemming from any event this year.”

Some in the insurance industry say the bail out isn’t fair.

Jeff Grady, President Florida Association of Insurance Agents, says, “If you are going to live along the coast there is a price to doing so. It seems patently unfair to those who can’t afford to do so or choose not to."

Homeowners should start seeing the charge on policies that renew after November 1. Grady says lawmakers will probably hear a lot more about this issue once homeowners start receiving their bills.