This decision came from the fund’s board including Governor Jeb Bush with the belief “the fund needs cash because private insurance is too hard for property insurance companies to buy in Florida.” Bush further commented on the possibility of life without the fund, “we wouldn't have a private insurance market right now after the last two seasons, it has been a lifesaver.”
Before the 2004 hurricane season the fund had amassed around $7 billion but was soon exhausted following eight hurricanes in two years.
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