Published: May 15, 2013 11:38 PM EDT
Updated: May 15, 2013 11:47 PM EDT

 FORT MYERS, FL--Hurricane season starts in two weeks and this year the state's catastrophe fund has $12 billion to pay for damage from a major hurricane.

It's your money and with that much in the bank, we wanted to know why rates keep going up.

New estimates show that the florida hurricane catastrophe fund, set up to reimburse insurance agencies in case they run dry after a major hurricane, will have about $12 billion for this years hurricane season.
    
"It is looking better, but it is still a pig with lipstick," said local insurance agent John Gardner.

Gardner says even though $12 billion seems like a lot, the fund could need more if we get hit with a big storm.

"If it has a $17 billion obligation and it only has $12 billion available, it is looking better than it has but it is still short," said Gardner.

That leaves homeowners wondering how much it really matters.

"With all the collections and funds they have today I don't really think it is needed," Denise Sikora.

Gardner says the fund's limit is actually expected to increase.

"It is set to actually go to $34 billion, so that it could pay off two successive years," said Gardner.

Charley did $45 billion in damage by itself. Home owners we spoke with are scared that this fund will raise their insurance rates even more.

"My rates are not low, they are going up 20% by citizens. My flood insurance is going up," said resident Walcher Chadwick.

The CAT fund is really a minor factor in what you pay, insurance claims are the biggest risk to your next premium bill.