Letter to the Editor: Catastrophe fund
Jan 24, 2012
The following article was published in the Miami Herald on January 23, 2012:
David Hart’s proposal in his Jan. 16 Other Views article, CAT fund, Citizens need reform, would be the nail in the coffin for many homeowners in Florida. We cannot afford anymore increases.
Regardless how many reforms the Florida Legislature might enact; another Hurricane Andrew will not only bankrupt the state, but would certainly wipe out the national property insurance industry.
The executives of the chambers of commerce of the other 49 states must be convinced that a national CAT fund is needed. All property owners would pay into the CAT fund based on risk just like we pay into the national flood insurance fund.
This will make the cost of catastrophic insurance much more affordable for everyone.
Irving Gerson, Miami