This bill creates a federal reinsurance program to help private insurers cover massive property losses from hurricanes, wildfires, floods, storms, and earthquakes. Insurers pay into a federal fund and get backup coverage when disasters overwhelm their ability to pay claims.
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INSURE Act is a House bill in committee. The latest recorded action: Referred to the House Committee on Financial Services.
Latest action on H.R. 4504: Referred to the House Committee on Financial Services.
Who this affects: This bill primarily affects homeowners and businesses in disaster-prone areas who struggle to find affordable property insurance, as well as the insurance companies that serve those markets. It would also affect taxpayers, since the federal government would be taking on some disaster risk, and state insurance regulators who currently oversee these markets alone.
Why this matters: As climate-related disasters become more frequent and severe, many homeowners and businesses in high-risk areas are losing access to affordable property insurance or can't find coverage at all. This bill attempts to stabilize the property insurance market by having the federal government share some of the catastrophic risk with private insurers, potentially keeping coverage available and prices more manageable in disaster-prone regions.
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