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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 (FHCF),
  • Citizens Property Insurance Corporation (Citizens) and,
  • The Florida Insurance Guaranty Association (FIGA).

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 your home, auto and business insurance bills (premiums) to be assessed by Citizens and the FHCF.  Additionally, FIGA may assess your home and business premiums, but not your auto insurance premiums, up to 4.0% per year for as many years as necessary to fund losses due to residential property insurance companies going out of business.

How to Use the Calculator

  1. Input your annual premiums for your home, auto and business insurance (these three types of insurance are all assessable) separately for Citizens and private insurers. Do not include premiums for federal flood, workers compensation, medical malpractice, health, disability or life insurance
  2. Click "Calculate."

 
  1-in-25 Year Hurricane 1-in-50 Year Hurricane 1-in-100 Year Hurricane
Annual
Premiums
1st Year
Assessment
Next 5 Years
Assessments
Total
Assessments
1st Year
Assessment
Next 29 Years
Assessments
Total
Assessments
1st Year
Assessment
Next 29 Years
Assessments
Total
Assessments
Home   Citizens $ $0 $0 $0 $0 $0 $0 $0 $0 $0
Private $ $0 $0 $0 $0 $0 $0 $0 $0 $0
Auto  
$ $0 $0 $0 $0 $0 $0 $0 $0 $0
Business  
Citizens $ $0 $0 $0 $0 $0 $0 $0 $0 $0
Private $ $0 $0 $0 $0 $0 $0 $0 $0 $0
   Totals   $0 $0 $0 $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 the assumed time periods.  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. Assessments are based on a single hurricane event and do not consider possible assessments due to multiple hurricane events.
  2. A 1 in 25, 1 in 50 and 1 in 100 year storm will cause 23, 36 and 53 billion dollars, respectively, of insured residential property insurance losses and loss adjustment expenses.
  3. Average annual payment percentages assume financing is available for 6, 30 and 30 years for a 1 in 25, 1 in 50 and 1 in 100 year storm, respectively, at a 7.5% annual interest rate to fund all assessments subsequent to first year policyholder surcharges of up to 45% for Citizens policyholders and of up to 2% for all other policyholders to fund the Citizens Coastal Account deficit.
  4. The Florida Hurricane Catastrophe Fund and Citizens will be able to fund all losses and loss adjustment expenses from surplus, reinsurance, catastrophe bonds, pre-event bonds, post-event bonds, policyholder surcharges and assessments.
  5. Hurricane losses have been estimated using weighted averages of all five hurricane models approved by the Florida Commission on Hurricane Loss Projection Methodology.
  6. You are encouraged to review the report for more detailed explanations of how these estimates were derived.
  7. Statewide and FHCF loss and loss adjustment expense estimates are as of March 2013, and Citizens loss and loss adjustment expense estimates are as of June, 2013.

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