Some insurance policyholders in Florida will see soon see higher bills later this year.

The Florida Office of Insurance Regulation signed off on a request by the Florida Insurance Guaranty Association (FIGA) to collect a 1% “emergency assessment” on policies.

The move, which was approved on April 10, will impact a variety of insurance policies, but not vehicles, starting on Oct. 1.

FIGA’s board passed the measure on March 31, saying the assessment was necessary to secure funds for the payment of covered claims relating to the liquidation of United Property & Casualty Insurance Company.

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Read the full assessment order, letter to the insurance commissioner:

In a letter to Florida Insurance Commissioner Mike Yaworksky, FIGA executive director Corey Neal said the assessment will also help pay claims from insurance companies that have become insolvent from losses incurred from recent hurricanes, including Irma, Michael and Ian.

This assessment will “automatically continue annually” until any bonds are paid in full.

FIGA, which was created by the Florida Legislature in 1970, handles the claims of insolvent property and casualty insurance companies.

This recent insurance cost hike comes at a time when most policyholders in Florida have seen their premiums increase in the last few years.

Citizens Insurance, the so-called “insurer of last resort,” has seen a massive jump in policies as insolvent companies cut homeowners loose.

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