Watch CBS News

Florida's Hurricane Fund Remains Strong Heading Into Season

Follow CBSMIAMI.COM: Facebook | Twitter

TALLAHASSEE (AP) — The Florida fund that helps private insurers pay out claims after a hurricane continues to be in strong shape ahead of storm season.

Estimates prepared by Raymond James show the Florida Hurricane Catastrophe Fund will have $17.6 billion available this year. This marks the second year in a row that fund has more money than it would need to pay out if storms racked the state.

The estimates are expected to be formally approved Thursday by a panel overseeing the fund.

The financial health of the fund is important because the state can impose a surcharge on most insurance policies to replenish it if the money runs out. Some critics have called the surcharge a "hurricane tax."

The fund has grown because Florida has avoided major hurricanes since 2005.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.