Florida Hurricane Fund to be Reviewed

By: AP Email
By: AP Email

TALLAHASSEE -- The strength of Florida's hurricane fund is being examined by a state panel.

The fund was created after Hurricane Andrew devastated South Florida in 1992. Insurers get help to pay homeowners if a storm results in widespread damages.

But the head of that fund told legislators last month that turmoil in the world financial markets is raising questions about whether the fund could borrow enough money to help insurers after a hurricane.

An advisory council for the hurricane fund on Tuesday will hear from financial experts and then adopt formal estimates on the fund's financial strength.

This year the fund is providing $18.5 billion worth of coverage, and while it has more than $7 billion worth of cash on hand, it would still need to borrow another $11 billion.

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