With the imminent arrival of hurricane season in just a few days, Florida homeowners may have some concerns about how ready the state is to handle the aftermath should another storm like last year’s Hurricane Irma make landfall. The Florida Hurricane Fund is a resource intended to assist private insurance companies with paying claims made after the arrival of a hurricane. Homeowners may find some peace of mind knowing that the fund is in good shape, according to an article published in Insurance Journal (https://www.insurancejournal.com/news/southeast/2018/05/25/490339.htm).
Although Hurricane Irma did result in significant losses, the Florida Hurricane Catastrophe Fund is expected to have just over $17 billion in funds available for the 2018 hurricane season. These numbers mean that if a storm were to make landfall in Florida, there would be more money in the fund than needed to pay out. These funds were saved up during a considerably long period where Florida managed to avoid several storms, thus allowing billions of dollars in funds to accumulate.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami property insurance lawyer and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.