Democratic representatives in the Florida House unveiled a plan yesterday to restructure the state's Hurricane Catastrophe Fund into a new entity modeled on the National Flood Insurance Program.
The proposal would establish a new state Hurricane Insurance Fund, which would offer coverage up to $500,000 with varying deductibles. The policies would be written by insurance companies offering homeowners insurance on behalf of the fund, in an effort to provide homeowners with a single point of contact.
"As a private insurance agent, I know just how unstable the market 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 insurance affordable for Floridians once more."
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