Florida’s hurricane insurance fund strong for storm season

Author: Associated Press
MGN Online

TALLAHASSEE, Fla. (AP) – Florida’s state-created fund intended to help pay out claims after a hurricane has reached a historic milestone.

For the first time ever, the fund is entering a storm season with enough cash and assets on hand to pay off everything it could owe.

New estimates show the Florida Hurricane Catastrophe Fund should have $17 billion available for the Atlantic hurricane season that starts June 1.

The financial health of the account known as the “Cat Fund” is important to Floridians regardless of where they live because the state can impose a surcharge on most insurance policies to replenish it if it runs out of money.

The amount of money in the fund has grown because Florida hasn’t been hit by a hurricane since Wilma in 2005.

Florida created the fund after Hurricane Andrew ravaged the state in 1992.

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