Hurricane Andrew
Hurricane Andrew first inflicted structural damage as it moved through the Bahamas, especially in Cat Cays, lashing the islands with storm surge, hurricane-force winds, and tornadoes. About 800 houses were destroyed in the archipelago, and there was substantial damage to the transport, water, sanitation, agriculture, and fishing sectors. Andrew left four dead and $250 million in damage throughout the Bahamas. In parts of southern Florida, Andrew produced severe winds; a wind gust of 177 mph (282 km/h) was observed at a house in Perrine. The cities of Florida City, Homestead, and Cutler Ridge received the brunt of the storm. As many as 1.4 million people lost power at the height of the storm. In the Everglades, 70,000 acres (280 km) of trees were downed, while invasive Burmese pythons began inhabiting the region after a nearby facility housing them was destroyed. Rainfall in Florida was substantial, peaking at 13.98 inches (355 mm) in western Dade County. In Florida, Andrew killed 44 and left a record $25 billion in damage.
Citizens Property Insurance Corporation
Hurricane Andrew in 1992 was the costliest storm the United States had experienced, with $26.5 billion in damage. It took a huge bite out of the reserves for claims held by 30 insurance companies doing business in Florida. Eleven insurance companies were bankrupted, while others stopped writing or renewing property insurance policies in the state. Those that remained raised premiums and deductibles across the board and limited the number of high-risk policies they wrote. Almost 1 million coastal homeowners were unable to find any company willing to insure their homes, so the Florida Legislature authorized the formation of the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA) as the insurers of last resort. The "Florida Hurricane Catastrophe Fund" was also created and managed by the state as a resource for Florida consumers and insurers. It is funded by assessments to every property insurance policy in the state.