Florida homeowners will see another surcharge included on their insurance premiums in 2023 in order to help the Florida Insurance Guaranty Association (FIGA) cover the claims from insurance companies that have gone into receivership, ABCActionNews.com reported. This new charge is the second to hit homeowners this year and the third in the last two years. When an insurance company goes insolvent and is liquidated, the FIGA steps in and takes on all of its existing claims and pays back premiums. From 2013 to 2020, the nonprofit never had to issue these assessments, but as multiple companies went into receivership last year, they took on thousands of claims and hundreds of millions in financial responsibility. FIGA’s executive director Corey Neal, just before May’s special session, said they had about 8,000 claims and expected maybe 2,000 more in coming months, many of those from St. Johns and Avatar Insurance. However, that was a serious underestimate because just three months later, after Southern Fidelity and then Weston went under. Now, FIGA has about 14,000 claims it needs to pay out.
