The Real Deal Miami

Citizens Property Insurance to lift surcharge ahead of schedule

State-owned insurer announced that it will end the charge in July 2015

September 25, 2014 03:00PM

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imagesThe surcharge imposed on Citizens Property Insurance customers because of damages in 2005 will end two years earlier than planned.

The state-owned insurer’s Board of Governors unanimously voted Wednesday to end the 1 percent charge on July 1, 2015, according to the Miami Herald. The storm assessment was previously scheduled to continue until June 30, 2017.

Citizens imposed the storm assessment in 2007 on policyholders throughout the state — whether they were Citizens customers or not. The money was used to recoup $887 million of the roughly $1.7 billion deficit created by Hurricane Wilma. [Miami Herald]Christopher Cameron

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