The Real Deal Miami

State considers takeover of hurricane insurance

March 31, 2009 03:12PM

State Representative Ellyn Bogdanoff of Fort Lauderdale has proposed that the state take over all hurricane insurance but get rid of its property insurance and reinsurance funds. Bogdanoff’s plan would mean doing away with Citizens Property Insurance, the state’s taxpayer-funded insurer, and the Florida Hurricane Catastrophe Fund. The state would then assume hurricane risk and allow private insurers to sell policies for other possible property risks, including fire and vandalism.