Officials confirm that the Florida fund that helps private insurers pay out claims after hurricane damage is in good shape heading into a storm season.
Despite Irma losses, the Florida Hurricane Catastrophe Fund is estimated to have $17.3 billion available this year. This means that the fund has more money than it would need to pay out if storms racked the state.
The estimates were formally approved last week.
If money were to run out, the state can impose a surcharge on most insurance policies to replenish it. Some have called the surcharge a "hurricane tax."
The fund built up its reserves during a lengthy period when there were no storms. It's expected to pay out $2 billion for claims associated with Irma.