In year 2002, a state legislature approved a law to create Florida property Insurance Corporation, worked as a non-profit making organization. This was the time when Hurricane Andrew overwhelmed the southern portion of the region.
This is a merger of two companies and their aim is provide their services for the house owners in the most danger areas. Florida Corporation also facilitates those house owners who were not capable to take advantage from other insurance companies.
Both of the companies who joined hands to facilitate the population of Florida were state running insurance companies. We are not going to discuss both of them in detail. But we look on the conditions, when there is no name of Florida insurance Corporation means before its establishment.
The people of Florida were in a great trouble at that time because neither the insurance company allows compensating for the losses caused by natural mishaps like Windstorm etc. Basically Florida is situated near to the Pacific Ocean. That’s why hurricanes and other natural disasters are common in this area. To facilitate those people Florida comes in to existence.