Florida Hurricane Fund May Come Up Short If Big Storm Hits: Panel

  Monday, May 14th, 2012 Source: Insurance Journal

Florida may not have enough money to pay off hurricane insurance claims if a big storm hits this year. An advisory panel last Thursday concluded that the state may fall nearly $2 billion short of the total needed to cover all of its obligations and is urging that Gov. Rick Scott and other state officials consider borrowing money now to fill the gap. Florida created a backstop for insurers after Hurricane Andrew, which caused widespread damage when it slammed into the state nearly 20 years ago.

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