State of FL imposing 1% assessment on Mortgage Insurance Premiums

[Beach Runner]

I received a letter from one of my mortgage insurance underwriters, a large one called MGIC to announce the imposition of of an assessment by the State of Florida to help rebuild its catastrophic fund.

Regulatory changes:
To help fund the seriously depleted Hurricane Disaster fund, the State of Florida will impose a 1% assessment on most property and casualty insurance premiums. Mortgage insurance premiums paid on loans secured by Florida Properties are included.
This assessment will be charged on new premiums and renewals, including the renewals of insurance in effect prior to Jan.1 2007. As required the assessment will be added, billed and collected then remitted to Florida.

Also:
They are no longer offering insurance on applications where the LTV (Loan to value) exceeds 95% and the FICO score is less than 575.
if the score is below 620, then the rates are higher regardless of whether the loan has been approved outside of A minus guidelines.

They can just screw themselves. Do we have any recourse? I feel as though we're being attacked by the insurgents in Iraq. Why screw the property owners in FL?

 

[Mango]

They can just screw themselves. Do we have any recourse? I feel as though we're being attacked by the insurgents in Iraq. Why screw the property owners in FL?

BR, I highly doubt this will affect you. This is for MORTGAGE insurance for properties purchased with less than 20% down. Perhaps you are thinking this is for mortgage disability insurance?
PM me.

 

[Beach Runner]

OOPS! I misread it. Thanks for clarifying that.