After 9 Years Florida’s Hurricane Fund Replenished & Ready

Florida’s nine-year streak of avoiding hurricanes is helping the state reach a historic milestone: for the first time ever, the state-created fund designed to help pay out claims after storms has 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 money is there and it’s in our pocket,” said Jack Nicholson, the chief operating officer of the fund. The financial health of the account known as the “Cat Fund” is important to Floridians regardless of where they live. Because of it, the state can impose a surcharge on most insurance policies – including auto insurance policies – to replenish it if it runs out of money. Some critics have called the surcharge a “hurricane tax.”