TALLAHASSEE -- Florida will spend $224 million to shore up the state fund that helps cover insurance company losses from hurricanes, a sign that state officials remain fearful that a huge storm could result in billions in unpaid claims and lead to steep rate hikes for consumers.

Gov. Charlie Crist and two other state officials approved a plan Wednesday that will guarantee that the state will be able to borrow $4 billion for its hurricane catastrophe fund, which helps insurance companies pay off claims after major storms.

While voting for the deal, both Attorney General Bill McCollum and Chief Financial Officer Alex Sink bitterly complained about the terms of the deal, which was negotiated with Berkshire Hathaway, the company led by billionaire Warren Buffett.

''This is not a good thing in my opinion, but I'm supporting it because it is the only responsible choice at the moment,'' said McCollum, who noted that despite the state's payment, Berkshire Hathaway is not obligated to help unless the state fund has to cover losses in excess of $25 billion.

Added Sink: ``We are being held hostage by only one product. . . . Warren Buffett did not become a multibillionaire by not doing good deals for himself. We've got both hands tied behind our back.''

The hurricane fund was set up in 1993 in the wake of Hurricane Andrew as a way to provide reinsurance to companies doing business in Florida. Insurance companies purchase coverage from the fund.

When Crist came into office in 2007, state lawmakers greatly expanded the fund in an effort to help bring down skyrocketing insurance rates. But while the fund now has about $8 billion available to pay off claims, there are concerns that the tight credit market would make it difficult for the state to borrow additional money. State law requires that if the fund can't pay its claims, it must impose fees on health and property insurance policies.

Initially it appeared that the state's action on Wednesday would result in a 2.5 percent increase on premiums of all insurance customers in Florida. But Crist was staunchly opposed to an increase, and said he would not support a plan that relied on one.

Later in the day, the State Board of Administration said that the $244 million would not come from increases, but instead would come from the hurricane fund's reserves.

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