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Homeowners' Defense Act: Natural Disaster Insurance and Mitigation

This act aims to make homeowners' insurance for natural disasters more available and affordable. It establishes new support programs for state insurance initiatives, potentially lowering costs for homeowners and speeding up claims payments after natural catastrophes. Additionally, the act promotes preventative measures and mitigation efforts.
Key points
Establishes a National Catastrophe Risk Consortium to gather data and assess insurance sector gaps, aiming to improve insurance availability and affordability.
Creates a debt guarantee program for eligible state insurance programs, enhancing their liquidity and capacity to pay claims after major disasters.
Introduces federal reinsurance coverage for state insurance programs, helping them cover large losses and stabilize the insurance market.
Establishes a grant program for natural catastrophe mitigation, supporting efforts like home strengthening and public education to reduce risks for citizens.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_3997
Sponsor: Rep. Wilson, Frederica S. [D-FL-24]
Process start date: 2023-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Homeowners’ Defense Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3997.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-09.

What are the main provisions?

Key points include:

  • Establishes a National Catastrophe Risk Consortium to gather data and assess insurance sector gaps, aiming to improve insurance availability and affordability.
  • Creates a debt guarantee program for eligible state insurance programs, enhancing their liquidity and capacity to pay claims after major disasters.
  • Introduces federal reinsurance coverage for state insurance programs, helping them cover large losses and stabilize the insurance market.
  • Establishes a grant program for natural catastrophe mitigation, supporting efforts like home strengthening and public education to reduce risks for citizens.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wilson, Frederica S. [D-FL-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Economy Environment