A committee of the Florida Legislature today heard testimony that a major weather event could mean severe difficulties for the state's Hurricane Catastrophe Fund, which support's the state insurance pool insuring homeowners.
The ability of Florida's state-run insurer, Citizens Property Insurance Corp, to pay claims after a significant weather event would be imperiled if the Hurricane Catastrophe Fund lacks financial resources and has to raise cash, an attorney explained.
John Forney, outside counsel for Citizens, spoke at a hearing of the Florida House Insurance Committee. He told lawmakers that “if the cat fund has difficulties, the whole thing breaks down.”
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