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Floridians get a Break on Hurricane Insurance

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Hurricane InsuranceHurricane Wilma was the strongest storm recorded in the Atlantic coasts and the second-most destructive of the 2005 season. A tropical depression had formed in the Caribbean, days later it intensified and in 24 hours Wilma became a Category 5 storm which hit Florida Temperatures dramatically.  Damage was calculated at $29 billion in the United States, reason why it was considered the most costly Hurricane ever documented in that area. When Wilma approached Florida, it shove water across the keys and as it crossed into the Everglades, the water that had been brought, ran back through the Keys for a second time and headed back to the sea. As a result there were additional floods and costly destruction. Then probably because of moving over warm waters, Wilma intensified changing Florida Temperatures severely. Residents were ordered to evacuate and county offices, schools and courts were shut. Schools in Palm Beach were closed for two weeks. Experts claim that because of global warming there will be a growing number of hurricanes which will likely intensify on account of rising ocean temperatures impacting Florida Temperatures tremendously. Besides the Effect on Florida Temperatures the Hurricane left extensive property damage and, a distressed economy; therefore private insurance companies grew dramatically but since the 2005 Hurricane season, they have lowered the insurance coverage forcing home owners to go to the public insurance system, particularly to Florida’s CITIZENS Property Insurance Corporation Insurance, which has had financial strain and thus has been forced to raise the insurance premiums even though Florida Temperatures have evened. At present close to 800,000 Floridians are covered by CITIZENS.

Relieve from Surcharge on Insurance Policies

Hurricane Wilma hit Florida Temperatures almost 10 years ago and just recently State officials agreed to terminate the surcharge on insurance policies. Jack Nicholson, chief operating officer for the “Hurricane Tax” fund, as some opponents have called the surcharge, said that that was good news for consumers because limited availability and higher cost of getting property insurance in Florida had impacted home transactions. Florida’s housing market, which had been one of the strongest markets, had a turn at the end of the last Hurricane season. They were forced to put the emergency assessment on insurance bills after the backup fund used to help private insurers pay off claims ran out of money after Wilma had died off. The Florida Hurricane Catastrophe Fund had to borrow $2.61 billion to reimburse insurers. The assessment was initially expected to remain on insurance bills until July 2016. But the state was able to reach settlements with the last group of insurers and has enough money left over to retire the bonds it issued bettering Florida Temperatures for Floridians.
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