TALLAHASSEE, Fla. — The Florida Insurance Guaranty Association (FIGA) voted on Feb. 20, 2026 to end the state’s 1% emergency insurance assessment two years earlier than originally scheduled, a move the organization estimates could save Florida policyholders up to $650 million over the next two years.
When the FIGA emergency assessment ends
According to FIGA, the multi-year 1% emergency assessment will end on Sept. 30, 2026. New and renewal policies effective Oct. 1, 2026 and later should no longer include the 1% FIGA charge, while policies with effective dates through Sept. 30, 2026 may still reflect the assessment.
FIGA also noted that quarterly reporting and reconciliation will continue until final premium reconciliation is completed, with a final reconciliation process expected in February 2028.
RELATED: Florida insurance assessment ends early, saving policyholders millions
Why the 1% assessment was added in the first place
The emergency assessment was levied to help fund covered claims and related obligations stemming from insurer insolvencies during Florida’s recent property insurance turmoil. FIGA is the state-created nonprofit entity designed to help pay certain claims when an insurer becomes insolvent, with assessments collected by insurers and remitted to FIGA.
What the change could mean for homeowners and businesses
The assessment is calculated as 1% of premium, meaning the dollar impact varies by policy. With Florida homeowners insurance commonly costing several thousand dollars per year, the end of the surcharge may translate into a modest but noticeable reduction at renewal for many households.
For policyholders with multiple policies—such as homeowners coverage plus business property coverage—the savings may compound across renewals.
Key facts at a glance
- Action: FIGA voted to terminate the 1% emergency assessment
- Effective: Applies to new and renewal policies effective Oct. 1, 2026 and forward
- Savings estimate: Up to $650 million statewide over two years
- Assessment end date: Emergency assessment ends Sept. 30, 2026
After years of steep increases, many Floridians are watching closely for signs of stabilization and relief. The end of the FIGA emergency assessment is a positive step, and it’s one more reason this can be a smart time to review your coverage.
Evolve Insurance Agency is here to help you shop and compare options before you renew. If you’d like, we can review your current policy and walk through updated pricing and coverage alternatives to help you keep more money in your pocket.