TALLAHASSEE, Fla. (AP) - Florida residents might see an increase
in property insurance rates because of a plan to bolster the
Florida Hurricane Catastrophe Fund.
State officials on Wednesday approved a plan to spend $224
million so that the state can access the $4 billion it might need
if a major hurricane hits Florida in the coming months. Under the
proposal that was approved, property insurance rates might increase
2.5 percent.
Officials were concerned that if the Florida was hit with a
major hurricane, the Florida Hurricane Catastrophe Fund - known as
the CAT fund - could have difficulty borrowing the money needed to
pay insurers.
Attorney General Bill McCollum and Chief Financial Officer Alex
Sink each voted for the plan, but both said they didn't like its
terms.
NewsNews
Florida Hurricane Catastrophe Fund
State officials approve plan to shore up CAT fund.
By:
|
WKRG-TV
Published: July 03, 2008
Published: July 03, 2008
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