Florida seeks help to cover catastrophe fund
According to Florida Today, Gov. Charlie Crist is quietly considering hedging Florida's gigantic hurricane bet, and with it raising the odds homeowners will get socked with a bailout bill. A draft report shows state financial advisers are considering spending $670 million to buy $6 billion in protection for the Florida Hurricane Catastrophe Fund. The state fund sells discount storm coverage to insurance companies and in turn is backed by Florida consumers who would pay for any deficits caused by storm losses. The losses are paid with special charges on insurance premiums.
