 |
Bay News 9
Local Programming
On Demand
About
Community
Market Place
Services
Credit crisis and hurricanes make bad bedfellows
BAY NEWS 9 -- With the current credit crisis, if a major hurricane hits Florida there's a chance homeowners won't get their insurance money from their insurance companies.
Insurance companies depend on the state's catastrophe fund, which in turn relies on the credit that Wall Street can't currently deliver.
Sam Miller with the Florida Insurance Council said the state is required to come up with the money, but if the credit markets don't come back, that money could come out of Florida's investment accounts.
"If you need to borrow a lot of money very quickly, it's going to be very difficult to borrow that money quickly as long as the credit markets are as troubled as they are," Miller said.
Officials with Florida's catastrophe fund say they've got enough money on hand to cover a $15 billion storm. To put that in perspective, Hurricane Wilma in 2005 did $11 billion in damage across south Florida.
Be in the Know with Bay News 9 Now!
Get news, weather, and traffic alerts delivered directly to your computer desktop, e-mail, or cell phone with Bay News 9 Now.
- Subscribe for free!
More State Stories
- State agency puts social security numbers on net
- Crist: 'No jitters' about impending nuptials
- Gov. Crist asks Obama for $7 billion
- Report: Florida may top Crist's renewable energy goal
- State adopts tougher car emissions standards
- Will Jeb Bush make a return to politics?
- Who will seek Martinez's seat?
- FL Sen. Mel Martinez: 'I won't seek re-election'
- Fla. lenders halt new foreclosures for 45 days
Talk to us
Are you struggling to pay your mortgage and been advised to stop making payments? If so, we'd like to talk to you. Please email us with your story.
Become An Asterisk Hunter!
At Bright House Networks, we prefer to keep things simple.So the next time you're looking for TV, home phone and Internet service with a 30-day, money-back guarantee, but without the fine print surprises, call
1-866-976-EASY.
Learn more at AsteriskHunters.com.
