Bill for 2004-2005 storms gets pricier
Floridians' bill for the 2004 and 2005 hurricanes is about to grow another $600-million.
The state catastrophe fund, which sells cheap reinsurance to insurers, needs to collect roughly 45 percent more than the $1.35-billion originally estimated to pay claims. Florida's State Board of Administration is expected to consider later this month a new bond sale, which means Floridians will be stuck with paying more in assessments for the old storms. Read it here.
Also, read more about how Insurance Commissioner Kevin McCarty can now ban Allstate from writing new auto business here.