Florida Hurricane Damage Claims

30 09 2004

Hurricane damage claims from the four hurricanes are expected to wipe
out the capital reserves of Florida’s largest property insurer, State Farm,
and so far, one insurer announced that it cannot make all its payments to
homeowners. Meanwhile, homebuyers find it increasingly difficult to
line up insurance, delaying property closings. Even the state’s insurer of
last resort, which had about $1.8 billion in reserves before the storms,
may ask the state to add a surcharge to all Florida insurance policies,
both residential and commercial.

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