A major hurricane hitting Florida this year would result in households there having to make up a shortfall in reserves for the state insurer of last resort by paying $14,000 each over the next 30 years, a consulting firm estimates.
The findings for a once-in-250-year storm event were made in a study by Towers Perrin Tillinghast commissioned by the statewide employers group Associated Industries of Florida (AIF), based in Tallahassee.
Towers Perrin's report noted that their illustrations of potential consequences as the result of recent legislative changes to Florida property insurance mechanisms does not contemplate other hurricanes after 2007, "which would further constrain funding and result in additional assessments.
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