After taking heavy losses in Hurricane Ian, the Florida Hurricane Catastrophe Fund enters the 2023 hurricane season with an estimated $12.3 billion in claims-paying capacity, according to a new report.
The CAT Fund plays a vital role in Florida’s property-insurance system as it provides relatively low-cost reinsurance, which is backup coverage needed by carriers. Under state law, the fund’s maximum potential liability for claims is $17 billion.
It is projected to have about $3.7 billion to pay claims during the upcoming year and also has an estimated bonding capacity of $8.6 billion, according to the report.
In the news: Florida-Backed Citizens Insurance Nears 1.3 Million Policies
The fund is estimated to have a $10 billion loss from Hurricane Ian, which made landfall in September in Southwest Florida and caused widespread damage across the state.
Hurricane Preparedness
Florida hurricane season runs from June 1 to November 30. This is the time of year when tropical storms and hurricanes are most likely to form in the Atlantic Ocean. Florida is particularly vulnerable to hurricanes because it is a peninsula surrounded by water.
Hurricanes can cause a lot of damage, including flooding, wind damage, and power outages. They can also cause loss of life. In 2017, Hurricane Irma caused billions of dollars in damage to Florida and killed more than 100 people.
There are a few things you can do to prepare for hurricane season in Florida:
- Know your risk. Not all areas of Florida are created equal when it comes to hurricane risk. Some areas are more likely to be affected by hurricanes than others. It is important to know your risk so that you can take the necessary precautions.
- Make a plan. In the event of a hurricane, it is important to have a plan in place. This plan should include what you will do if you need to evacuate, where you will go, and what you will take with you.
- Assemble an emergency kit. An emergency kit should include food, water, first-aid supplies, and other essential items that you will need in the event of a hurricane.
- Secure your home. There are a number of things you can do to secure your home before a hurricane, such as boarding up windows and securing loose items outside.
- Stay informed. It is important to stay informed about hurricane activity. You can do this by listening to the radio, watching the news, and checking online weather reports.
By following these tips, you can help to ensure that you are prepared for a hurricane.
Here are some additional tips for hurricane preparedness:
- Have a plan for your pets. If you have to evacuate, make sure you have a plan for your pets. You may need to board them or take them with you.
- Make sure you have enough gas in your car. If you need to evacuate, you will need to have enough gas in your car to get to your destination.
- Have a backup plan for your power. If the power goes out, you will need to have a backup plan for how you will stay warm and cook food.
- Be aware of the risks of carbon monoxide poisoning. If you use a generator or other fuel-powered appliances, be sure to use them properly to avoid carbon monoxide poisoning.
- Check on your neighbors. After a hurricane, check on your neighbors, especially the elderly and those with disabilities.
Hurricanes can be a dangerous and destructive force, but by being prepared, you can help to protect yourself and your family.
Android Users, Click To Download The Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Signup for our free newsletter.
We can’t do this without your help; visit our GiveSendGo page and donate any dollar amount; every penny helps.