Hurricane Catastrophe Fund

Hurricane
NOAA

Florida’s catastrophe fund will suffer minimal losses due to Hurricane Matthew, state officials announced Tuesday. With $17 billion in reserve, the “cat fund” is ready to pay out insurance companies that are overloaded by damage claims.

State Officials Prepare For Hurricane Season

Mar 31, 2016
kakela/ Flickr / https://www.flickr.com/photos/kakela/9658243/

With hurricane season on the horizon, state officials say they’re ready to weather the storms.

The Florida Senate has delayed a vote on a controversial overhaul of the state-run Citizens Property Insurance Corporation.

The proposal outlines higher rates for new policies. Senate Sponsor, David Simmons (R-Maitland), says he plans to amend the bill to let existing wind-only customers remain in the lower priced plans, but that overall low rates in Citizens can’t last forever.

“These wind-only policies are less than market rate, and they’re getting an unfair free ride at the expense of everyone else,”  he said.

NASA

Two bills – one predicting storm damage and another dealing with storm insurance – passed through the House Government Operations Appropriations Subcommittee this week. But hurricane experts say, more than better insurance, Florida needs better buildings to withstand the storms.

When it comes to insurance, Florida has had more than its share of trouble. Some insurance programs are struggling with fraud. Others are facing difficulty staying afloat in a hurricane prone zone. A panel of lawmakers took up the second of those issues Tuesday when they talked about legislation involving the state's hurricane catastrophe fund.