I read last week in the Miami Herald that Citizens Property Insurance Corporation is ending the 1% surcharge they imposed on most homeowner’s policies in 2007 because of the damage from the last of the hurricanes we had in 2005 (Dennis, Rita, & God-awful Katrina and Wilma). That “storm tax” (as some have called it) began as a 1.4% charge but was reduced to 1% in 2011, and will be ending July 1, 2015.
There are some private insurance alternatives to Citizens Insurance, two of them being Tower Hill Insurance and Universal Property and Casualty Insurance. I did some research and recently switched to Tower Hill for coverage on my home in South Miami and couldn’t be happier, although that is a relative thought. Homeowners and Flood Insurance are still ridiculously expensive, but I’ve come to believe that is the price we pay to live in paradise, and we do live in paradise. Knock on wood and cross your fingers because we may have escaped another hurricane season unscathed.