Hager: Florida Cat Fund totally unprepared
In the nearly 10-minute clip, Hager explains what the Cat Fund does and how it affects every resident. He also lays out the many problems the Cat Fund faces, specifically the fact that state law requires its managers to sell coverage that quite simply the fund does not have the resources to cover. Which, in essence, means the coverage does not exist.
A potential shortfall after a hurricane, Hager maintains, could mean that half of the state’s fifteen largest insurance carriers would go bankrupt. He reiterates the need to reform the Cat Fund, offers a blueprint on how to do it and promises to reintroduce legislation next year to accomplish it.
Every Florida resident should at least be familiar with the Cat Fund and the need for its reform. Rep. Hager does a good job presenting this complicated, albeit important issue in a way that is easy to understand.