Legislation aimed at reducing Florida homeowners' exposure to increased assessments to support the state's Hurricane Catastrophe Fund in the event of a major storm won unanimous approval in the Senate Banking and Insurance Committee today.
The legislation, known as Senate Bill 2156 and introduced by the committee, would reduce the Temporary Increase in Coverage Limit added to the Florida Hurricane Catastrophe Fund by the state legislature last year.
The coverage limit increase was designed to enable insurers to purchase additional coverage, paid as a reimbursement for losses, beyond their mandatory Catastrophe Fund coverage.
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