Homeowners' Insurance Bill Reintroduced

Rep. Ron Klein (D-Fla.) introduced H.R. 2555, the Homeowners' Defense Act to reduce the cost and increase the availability of homeowner's insurance for natural catastrophe. This proposal, which builds on legislation approved by the House of Representatives in 2007, establishes a federal backstop for state-based reinsurance funds. This year, the bill's prospects have improved as President Obama supports the concept. NAR supported the previous version of the legislation as one of many ways to advance the broader congressional debate over natural disaster insurance, and is carefully reviewing this latest iteration for consistency with NAR policy. Mr. Klein offers a more detailed description and link to the bill itself on his legislative website.

View a detailed description of the bill

Austin Perez 202-383-1046, Helen Devlin 202-383-7559, Russell Riggs 202-383-1259
 

Thanks to National Association of Realtors for the information.