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Office of the Insurance Consumer Advocate

Assessment Calculator

How much could you be assessed for a major hurricane?

In Florida there are three entities that may levy assessments due to residential property insurance claims:

  •  Florida Hurricane Catastrophe Fund,
  •  Citizens Property Insurance Corporation (Citizens) and,
  •  the Florida Insurance Guaranty Association.

Regular assessments for a single year and emergency assessments for one or more years are made as necessary to cure deficits and retire indebtedness. The calculator will provide you with the amounts you may expect to be assessed.

How to Use the Calculator

  1. Select whether you are a Citizens policyholder, or whether your homeowners coverage is through a private carrier.
  2. Input your annual premiums for homeowners coverage, automobile coverage, and business coverage (these three types of coverage are all assessable).
  3. Click "Calculate."
Annual Premiums
Citizens Policyholder?
1-in-25 Year Hurricane 1-in-100 Year Hurricane 1-in-250 Year Hurricane
Total Assessment Annual Payment for 30 Years Total Assessment Annual Payment for 30 Years Total Assessment Annual Payment for 30 Years
TOTALS   $0 $0 $0 $0 $0 $0
Homeowners  $ $0 $0 $0 $0 $0 $0
Auto  $
$0 $0 $0 $0 $0 $0
Business  $
$0 $0 $0 $0 $0 $0

DISCLAIMER:  THIS ASSESSMENT CALCULATOR IS FOR GENERAL INFORMATION ONLY.  IT ASSISTS CONSUMERS IN UNDERSTANDING THE POTENTIAL ASSESSMENTS A FLORIDA RESIDENT MAY BE SUBJECT TO IN THE EVENT OF A HURRICANE.  These are estimates only, based on reasonable actuarial assumptions that are expressed in the attached actuarial report.  Any change in the assumptions will affect the displayed assessments.  The three levels of hurricanes used provide a range of potential assessments based on the severity of the hurricanes and the estimates of the losses that could occur.  There is no requirement that assessments be spread over a 30-year period.  Any assessment is in addition to the insurance premium charged for insurance coverage.  While this calculator is offered to provide valuable information, it cannot determine any individual's actual assessment.  The assumptions used in the methodology include the following:

 

  1. Average annual payment percentages assume financing is available for 30 years at a 6.5% annual interest rate to fund all assessments including substantially higher first-year assessments for larger storms. It is assumed that some of this financing may be done by the assessing entities and the balance will require financing by individual policyholders. Individual policyholders may experience significant first year assessments that may require financing to be affordable.
  2. Homeowners premiums exclude federal flood. Business premiums exclude workers' compensation, federal flood, medical malpractice and miscellaneous other premiums.
  3. Citizens homeowners assessments are averages for the three Citizens accounts: High Risk Account, Personal Lines Account and Commercial Lines Account.
  4. The Florida Hurricane Catastrophe Fund will pay losses up to its theoretical bonding capacity of $27.18 billion for either a 1 in 100 year or a 1 in 250 year hurricane.
  5. Insurer insolvencies will be significant for a 1 in 250 year hurricane resulting in substantial assessments by the Florida Insurance Guaranty Association.
  6. Hurricane losses have been estimated using averages of all five hurricane models approved by the Florida Commission on Hurricane Loss Projection Methodology.
  7. You are encouraged to review the report for more detailed explanations of how these projections were generated.

Office of the Insurance Consumer Advocate   200 East Gaines St. Tallahassee, FL 32399-0308
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