Following the 2004 and 2005 hurricane seasons that had a devastating effect on the state, Florida's public housing authorities found that the existing insurance options did not fit their needs. Property insurance was unavailable in many parts of the state at any price, and where it was available, it was extremely expensive. Furthermore, those who could get it and manage to afford it, found that it was not able to insure all of the properties and risks that housing authorities encounter in their current operations. In response to an overwhelming outcry from members, FAHRO formed what would become FPHASIF - Florida's first and only state regulated self-insurance fund by and for housing authorities. Since its inception, FPHASIF has enjoyed tremendous growth, the award of a Waiver from Procurement from the U.S. Department Housing and Urban Development, and a sterling reputation of serving its members in a fast, reliable, and professional manner.