Democratic representatives in the Florida House unveiled a planyesterday to restructure the state's Hurricane Catastrophe Fundinto a new entity modeled on the National Flood InsuranceProgram.

The proposal would establish a new state Hurricane InsuranceFund, which would offer coverage up to $500,000 with varyingdeductibles. The policies would be written by insurance companiesoffering homeowners insurance on behalf of the fund, in an effortto provide homeowners with a single point of contact.

"As a private insurance agent, I know just how unstable themarket is and how expensive policies can be for most Floridians,"said Rep. Priscilla Taylor, D-Riviera Beach, the bill's sponsor."With this proposal, it is our goal to make hurricane insuranceaffordable for Floridians once more."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.