The storms that hit Florida in 2005 keep taking their toll.
Gov. Charlie Crist and the two other state officials who oversee the Florida Hurricane Catastrophe Fund (Cat Fund) voted in April to issue up to $710 million in bonds to bolster the finances of the state-created reinsurance fund. The money will be used to pay off claims associated with storms such as 2005′s Hurricane Wilma.
However, those bonds will be paid back with an increase in a Cat Fund assessment already found on most insurance bills in the state, including auto insurance bills. The assessment will cost policyholders an estimated $18 more a year starting next January and will remain on insurance bills until 2016. Policyholders already pay about $60 a year in Cat Fund assessments.
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