FIGA Approves 1% Emergency Assessment for All New and Renewal Policies Beginning October 1, 2023.

This assessment is necessary to provide funds to pay covered losses for the liquidation of UPC. The OIR issued an assessment order outlining the circumstances to levy this emergency assessment.

Current assessments for insolvencies over the last couple of years will continue until the end of 2023.

High Reinsurance Rates Impacting Real Estate

The local Realtor® association leaders asked if the banks would be affected when condo unit owners “lock the door and walk away” from their unit because they can’t pay the insurance assessment much less the increased HOA dues to satisfy new legislative requirements to increase building maintenance reserves, following the Surfside collapse.

Florida property reinsurance rates are expected to jump 40%-50% at the June renewal, when insurance companies buy coverage for the hurricane season.

As Florida Insurance Commissioner Michael Yaworsky says, it’s a simple truth that nothing moves, is built or is healed these days without insurance being involved in most cases. So it’s the road on which basically everything else travels. That includes Florida’s real estate market, a critical part of Florida’s continued growth and success.