Florida Hurricane Catastrophe fund Archives

Florida homeowners insurance may be stable this hurricane season

May 15, 2015May 14, 2015 Marc

Florida’s Cat Fund is equipped to handle a significant natural disaster Florida may be able to withstand a major hurricane thanks to the financial capabilities of the state’s Hurricane Catastrophe Fund, also known as the Cat Fund. The fund is designed to provide a financial safety net for homeowners insurance companies that face significant losses in relation to a major storm. The Cat Fund has been used many times in the past to help the state recover from serious losses, but Florida has not suffered a major hurricane in nine…

Homeowners insurance surcharges may be reduced in Florida

October 20, 2014October 19, 2014 S.Vagus

Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…

Homeowners insurance fee may soon expire in Florida

July 28, 2014July 26, 2014 S.Vagus

Fee issued on homeowners insurance policies and auto insurance policies will come to an end in 2015 Florida’s so called “Hurricane Tax” on homeowners and drivers is expected to come to an end at the beginning of 2015. Policyholders have been paying an extra fee for their property and auto coverage for some time, but the Florida Office of Insurance Regulation has ordered that insurers put an end to these fees 18 months ahead of when these fees were initially meant to expire. Insurers have until January 1, 2015, to…

Homeowners insurance in Florida could become more expensive

March 21, 2013March 20, 2013 Logan B.

Homeowners insurance rates may spike if new proposals are successful Homeowners insurance rates in Florida are expected to increase in the coming months depending on the fate of two proposals concerning the Florida Hurricane Catastrophe Fund (Cat Fund). The Cat Fund was established to ensure that homeowners insurance claims could be paid in the case of a severe hurricane. Because Florida is prone to such natural disasters, the fund was considered a viable form of protection for both consumers and insurance companies. Two new proposals aims to shrink the Cat…

Homeowners insurance could rise due to hurricane fund bill

March 2, 2013March 2, 2013 G. Turner

A proposal to decrease the size of the fund could make it more expensive for Florida property owners. A new bill in the state of Florida could have homeowners insurance customers in the state paying more for their coverage as it aims to make the hurricane fund smaller than it currently is. The bill is geared toward shrinking the size of the Florida Hurricane Catastrophe Fund. Florida’s catastrophe fund has been an important source of cash for making claims payments in the state following severe disasters. Should this bill pass,…