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.
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.