Hurricane Insurance to Increase?

By: Associated Press
By: Associated Press

TALLAHASSEE, Fla. (AP) Florida's insurance commissioner says
the national credit crunch could lead to higher hurricane coverage
premiums and more home foreclosures.
That's because the Florida Hurricane Catastrophe Fund, which
provides backup coverage for insurance companies, is having a hard
time lining up financing, Commissioner Kevin McCarty told the
Senate Ways & Means Committee on Thursday.
If the fund runs out of money, it sells tax-free municipal bonds
to cover remaining claims. It's unlikely the fund could sell enough
bonds if a major hurricane should strike this year because the bond
market is so tight, McCarty said.
The state is exploring other options including seeking a line of
credit from the federal government.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Barb Location: Havana on Mar 6, 2009 at 08:50 PM
    Seems to me State Attorney Willie Meggs and Sheriff Harvey have both been in office way too long.
WCTV 1801 Halstead Blvd. Tallahassee, FL 32309
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 40824082 - wctv.tv/a?a=40824082
Gray Television, Inc.