Homeowners across the U.S. are facing a home insurance crisis, with premiums increasing and policies becoming scarce, particularly in disaster-prone states like California and Florida. Insurers are withdrawing from these markets, leaving many without coverage. Lawmakers, responding to increasing difficulties, are advocating for the INSURE Act, which proposes a federal reinsurance program to stabilize the insurance market. This act aims to make insurance more available and affordable in high-risk areas, crucial for maintaining homeownership and tackling the unsustainable cost increases families confront.
"Too many families and small businesses are struggling to keep up with the rising costs of insurance, and steep year-after-year price increases are simply unsustainable."
"Significant steps must be taken to address this crisis, and the INSURE Act is one of them."
"All across America, in fire zones and flood plains and well beyond, the most valuable property a family may own is becoming uninsurable. This must be addressed with urgency."
The INSURE Act proposes to establish a federal catastrophic reinsurance program within the U.S. Department of the Treasury.
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