The Real Deal Miami

Hurricane insurance funds could cost homeowners

July 02, 2008 02:20PM

A state plan to shore up hurricane damage funds for insurance companies could raise property insurance bills by up to 2.5 percent. Florida will spend $224 million to give itself access to the $4 billion the state could need if a massive storm hit the state in the next few months. The state approved the plan Wednesday, but Governor Crist has continued his opposition to the deal and has said that a rate hike required approval by him, the attorney general, chief financial officer. The attorney general’s office agreed to do legal research on the matter.