Florida’s Hurricane Fund Remains Strong Heading Into Season
TALLAHASSEE, Fla. (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 the fund has more money than it would need to pay out if storms racked the state.
The estimates were 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.
Get The 90.7 WMFE Newsletter
Your trusted news source for the latest Central Florida news, updates on special programs and more.GET THE LATEST