Florida hurricane Catastrophe Fund
Despite Florida not have a hurricane hit for nine years, property insurance still remains pricey.
A Florida fund meant to help private insurers pay out claims after a hurricane remains strong.
A 1 percent charge imposed on most homeowners’ policies to help the state-backed Citizens Property Insurance Corp. cover losses from the last of the 2005 hurricanes may come off the books two years early.
An extra charge on property-insurance and auto-insurance policies to cover claims paid for the 2004 and 2005 hurricane seasons will end Jan. 1.
Collected to help pay claims from the 2004 and 2005 hurricane seasons, an extra charge on homeowners- and auto-insurance policies will be removed 18 months earlier than previously expected.
The upcoming hurricane season is just weeks away, but Florida is entering the new storm season with positive news.
Governor Rick Scott continued to make his push to depopulate Citizens Insurance Friday in front of a friendly crowd at the Florida Chamber of Commerce.
Florida has dodged a bullet for the six years without a hurricane hitting the state. Now insurance industry experts have urged state lawmakers to beef up the Florida Hurricane Catastrophe Fund before a major storm or series of them hits.
There’s a storm brewing over the state of Florida’s hurricane fund which is confronting a potential $3.2 billion shortfall, financial experts said Tuesday in a new estimate of the money available to the pool intended to help insurers make disaster payments.
If Florida were to experience a major hurricane, the state may not have the funds to pay off all the claims.