With hurricane season approaching, Florida’s Citizens Property Insurance Corp. plans to sell $2 billion in tax-exempt bonds to add to its reserves for claims.

Citizens is the state’s nonprofit, tax-exempt government corporation providing insurance protection to Florida property owners.

Citizens will sell senior secured obligations including $400 million in floating-rate notes and $200 million in short-term securities, according to Bloomberg, citing a Standard & Poor’s report.

While it has been four years without a major hurricane in the state, recent predictions say two to three storms could occur during the pending hurricane season of June 1 to Nov. 30.

Citizens last sold bonds in April, according to Bloomberg, when it fell short of a planned $2 billion issue. The insurer won approval from Florida legislators to raise rates for the first time in two years in 2009, and can choose to levy emergency assessments on nearly all of its policies in the state to pay off its debt, if needed.