Summary
Florida is ending a 1 percent insurance surcharge two years early. This decision will save homeowners up to $650 million on their insurance bills over the next two years.
Key Facts
- Florida will stop a 1 percent insurance surcharge on October 1.
- This surcharge began in 2023 to cover claims from insolvent insurance companies.
- Homeowners in Florida will save about $31 a year on average.
- Florida has some of the highest home insurance premiums in the U.S.
- The early end of the surcharge suggests the insurance market in Florida is stabilizing.
- Florida homeowners still face high premiums due to risks like floods and hurricanes.
