Property Insurance Support: Reinsurance and Loss Prevention Program
This act establishes a new reinsurance program for insurance companies, aiming to reduce the cost of property insurance against natural disasters like floods and hurricanes. Citizens can expect more stable and potentially more affordable insurance policies, as well as support for investments that reduce the risk of losses. The program will also replace the current national flood insurance program.
Key points
A new reinsurance program for property insurers to lower the cost of natural disaster policies.
Replacement of the current national flood insurance program with a new system.
Financial support for states for loss prevention programs and for low-income consumers for insurance.
Requirement for insurers to offer all-perils catastrophic coverage policies and engage in loss prevention partnerships.
Expired
Citizen Poll