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The Florida Cyclone Catastrophe Fund

MoneyTips

The state of Florida is popular for lots of things– sunshine, beaches, golf courses and Disney World, to name a few. Unfortunately, it is likewise known for bearing the rage of among Mother Nature’s a lot of terrifying and devastating kinds of storms: cyclones.

Hurricane Andrew was among the worst typhoons to ever hit Florida. I lived in Fort Lauderdale when Andrew barreled ashore in 1992 and will never forget that sleep deprived night invested listening to the howling winds and rain and wondering if I would live to see the sun come up the next morning.

Andrew’s Damage and Tradition

Andrew triggered a staggering $25 billion in damages in Florida alone– including $16 billion in overall insured damages– and destroyed more than 25,000 houses and damaged another 100,000-plus. This had a significant influence on insurer in the state, a number of which questioned whether they could afford to continue providing coverage in Florida.

In the …

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