Proactive Federal Legislation Focused on Consumers Needs

• HR 6424 - A companion bill to S 2328 would give federal funds to states so they can provide low-cost loans to property owners to undertake construction projects designed to better protect their property from natural disasters.
• S. 2327 – The Homeowners Insurance Assistance Act of 2007 would provide a one-year tax credit to help homeowners in coastal areas offset the cost of rising homeowners’ insurance premiums.
• S. 2328 – The Property Mitigation Assistance Act of 2007 would give federal funds to states so they can provide low-cost loans to property owners to undertake construction projects designed to better protect their property from natural disasters.

Federal Legislation Turning Taxpayers into Reinsurers

• H.R. 3355 – The Homeowners Defense Act of 2007, passed the House in October 2007, creates a federal consortium to assist state reinsurance programs in ceding their risk to the reinsurance and capital market, requires federal low interest loans to state reinsurance funds and creates a new federal natural catastrophe reinsurance fund.