What is the Florida Hurricane Catastrophe Fund?
Correct Answer
B) A state-operated reinsurance program that helps keep insurance available and affordable
The Florida Hurricane Catastrophe Fund (FHCF) is a state-operated reinsurance program that provides backup coverage to insurance companies, helping to keep hurricane insurance available and affordable in Florida. It essentially insures the insurance companies. Option A (federal disaster relief) confuses FHCF with FEMA programs. Option C (private insurance pool) is incorrect as FHCF is a state program, not private. Option D (homeowner savings program) mischaracterizes FHCF's purpose as it doesn't directly help homeowners save for deductibles.
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A buyer is purchasing a home in Jacksonville that was previously damaged by Hurricane Ian and has been repaired. During the inspection, the buyer discovers that some of the hurricane damage repairs were not properly permitted. What insurance concern should the real estate agent discuss with the buyer?
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