Florida Ends FIGA’s 1% Insurance Assessment Two Years Early – What It Means for You

Florida policyholders are finally catching a break — and it’s happening two years sooner than expected. The Florida Insurance Guaranty Association (FIGA) has confirmed that the 1% emergency assessment added to most property insurance policies in 2023 will officially end on October 1. In a state where insurance news rarely feels uplifting, this update is a refreshing shift.

According to Executive Director Bob Ricker, the early termination could save Floridians up to $650 million over the next two years. A calm 2025 hurricane season, fewer carrier failures, and overall market stabilization are credited with making this early sunset possible.

Why This Matters for Florida Property Owners

Millions of Florida residents have been carrying the weight of the state’s insurance turbulence. With average premiums around $3,066, this rollback translates to roughly $31 in annual savings per homeowner. It may not be a huge windfall, but in Florida’s unpredictable insurance climate, every reduction counts.

How Florida’s Insurance Reforms Helped Turn the Tide

Florida’s sweeping insurance reforms in 2022 and 2023 continue to reshape the market. By eliminating one-way attorney fees and assignment-of-benefits agreements, lawmakers removed major drivers of excessive litigation and inflated claim costs.

Insurance Commissioner Michael Yaworsky affirmed the assessment’s early end as evidence that these reforms are “producing savings for consumers” and helping stabilize the market.

A Quick Look Back: Why Was the Assessment Added?

In 2023, FIGA issued the 1% emergency assessment to help fund bonds needed to pay claims left behind by failed insurers. The move followed several smaller assessments, each tied to Florida’s struggle against aggressive litigation trends and multiple insurer collapses.

While the Governor previously proposed suspending the charge, bondholder agreements made it too complex — until now. With calmer conditions and improved industry footing, FIGA can finally retire the assessment.

What This Means for Real Estate & Insurance Professionals

For Florida’s real estate agents, insurance producers, and mortgage professionals, understanding FIGA’s decisions is essential. These shifts influence everything from consumer affordability to underwriting strategies and closing timelines.

Professionals committed to staying competitive know that industry awareness is power. That’s why institutions like Cameron Academy place such a strong emphasis on current events and practical insight — not just test prep.

Explore the Original Reporting

Full story available via Insurance Journal:
Read the original article

FIGA’s official bulletin:
FIGA Press Release

As Florida’s insurance landscape continues to evolve, one message remains clear: professionals who stay informed stay ahead. That’s the edge we cultivate every day at Cameron Academy.