Florida insurance premiums are too low, officials say

06/1/2009 | Tampa Tribune (Fla.), The

Officials overseeing Florida's Hurricane Catastrophe Fund say that while the fund will be capable of covering damage from a major hurricane, it would take significant premium increases to replenish the fund afterward. Officials say premiums in Florida are artificially low, which necessitates borrowing to cover major storms, leaving less money for the next hurricane. The state's fund can currently cover about $22.8 billion in claims, they say, although about half of the money would be borrowed.

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