The bill would create a voluntary Treasury program to help participating states cover residential insurers’ insured losses above set amounts after certain natural disasters. States would repay federal payments, with interest, within 10 years. The program would apply to covered events occurring on or after January 1, 2026.
If your state participates, the program could provide payments to the state for large insured losses involving residential property insurance. Existing policies would not be affected when the state first joins, but the program would apply to policies renewed after that date. The bill does not specify how participation would change individual coverage or premiums.
Participating states would repay payments within 10 years, with interest sufficient to cover the federal borrowing costs. The federal government would issue guaranteed bonds to fund payments and could use Treasury funds for reasonable program administration. The bill authorizes necessary funds for experts hired by the National Academy of Sciences.
No publicly available information.
No publicly available information.