Florida Home Insurance Shortfall not a Priority When Even Auto Makers are Begging

Social Security Trust Fund. You won’t be shown any cash – just a drawer full of T-Bills and IOU’s.

Now that the Big Three Auto makers and other shameless Fortune 500 companies have beaten Florida to the punch in Washington, it is very unlikely that a National Hurricane Catastrophe Fund will pass anytime soon. The red ink in Washington will make even President Elect Obama shy away from any additional federal obligations. So don’t look to the federal government to make good on the promise that was made to pay your Florida home insurance claim.

Finally, Citizens Property Insurance Corporation has consistently reported that it doesn’t have anywhere near the money it needs to pay out the almost half a trillion dollars in hurricane exposure it after a major Florida hurricane.

A large hurricane would mean that Citizens can’t pay even its primary obligations – those that it must pay even before losses reach levels where Florida Hurricane Catastrophe Fund reinsurance kicks in. And as a policyholder with Citizens, you are subject to paying higher special assessments after a major Florida hurricane than policyholders who have private homeowners insurance – special charges tacked on to your annual insurance bill.

In this new brave world where even governments can’t keep their promises here are some steps you should take as a Florida home insurance consumer right now:

Get a Florida wind inspection done and harden your home as