MIAMI (CBSMiami) – West Miami homeowner Roberto Castillo doesn’t like hearing about a tropical system heading towards South Florida, especially near the anniversary of Hurricane Andrew.

“I am somewhat nervous about the storm out there,” Castillo explained, “especially since there was so much damage from Andrew and we’re almost at its’ 20th anniversary.”

He’s not the only one who wonders if the insurance industry’s ready for another bad storm and what could happen to our rates?

The state-run Citizens Insurance program hasn’t had to pay any major hurricane claims for seven years. Private insurers earned about $19 billion dollars in revenues last year and are sitting on $550 billion dollars in surpluses.

The insurance industry’s association said they’re strong and capable of paying future claims.

Local insurance executives told CBS4’s Al Sunshine both Citizens and private insurers should be able to handle most hurricane claims with no problem.

Castillo said he isn’t taking any chances and wants to double check his homeowners coverage as soon as possible. He wants to make sure he’s got all coverage he needs.

“It is a good idea,” Roberto said. “When I get home tonight, I’ll take a look.”

South Florida Insurance agents said now is definitely the time to double-check your coverage and find the emergency telephone numbers for your insurance company.

If you need to change your policy, try to get it done over the next 24 hours before a storm insurance moratorium takes effect and you can’t change your coverage.

Don’t forget, there’s a 45-day waiting period for new windstorm coverage from Citizens’ if you don’t have a current policy with them, and a 30-day waiting period for National Flood Insurance on new policies.

• FEMA Hurricane Preps Page