Former U.S. Rep. Ron Klein has been an advocate for a national catastrophe fund for many years after dealing with the financial losses and insurance issues brought on by Hurricane Andrew in 1992. While in Congress, Mr. Klein was able to get the House to pass the Homeowner's Defense Act in 2009, which later died in Congress. The act would have allowed states to voluntarily pool their interests to self-insure themselves from losses in the event of a natural disaster. The debate for this type of fund continues, especially because natural disasters like Hurricane Sandy seem to be more frequent and more costly.
"We [in South Florida] don't live where Sandy hit, but out of our coffers comes $50 billion to help," Mr. Klein said. "If you do this the right way, you will reduce the exposure to the national taxpayer."
READ: As Disasters Spike, National Catastrophe Fund Debate Continues (subscription may be required to read full article)
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