Inside The Industry: Florida’s “Cat Fund” Ready for 2015 Hurricane Season!
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.
2015 is predicted to be an active hurricane season. Don’t get caught unprepared! At BB Insurance, we want to help you minimize damage and get you back on your feet if you are struck. Just like hurricanes come in many shapes and sizes, so do insurance policies. To find out about your coverage, consult your policy and contact your professional insurance agency. If you are looking for new comprehensive coverage, get a quote today!
BB Insurance Marketing is a full-service insurance agency located in South Florida that specializes in business, personal and benefits insurance. Childcare, gas stations, pest control and restaurants are just a few of the niche markets we work in. BBIMI’s insurance expertise extends all across the state, so we’ve got you covered with a quality policy you can depend on!