U.S. Representative Klein Introduces National Catastrophe Insurance Legislation
May 26, 2009
Last week, U.S. Representative Ron Klein (D-Florida District 22) introduced House Resolution 2555, which is also known as the “Homeowners’ Defense Act of 2009.” Among the bill’s 43 co-sponsors are the following U.S. Representatives from Florida:
- Thomas J. Rooney (R-16)
- Ander Crenshaw (R-4)
- Ileana Ros-Lehtinen (R-18)
- Vern Buchanan (R-13)
- Corrine Brown (D-3)
- Bill Posey (R-15)
- Allen Boyd (D-2)
- Ginny Brown-Waite (R-5)
- Alan Grayson (D-8)
- Debbie Wasserman Schultz (D-20)
- Robert Wexler (D-19)
- Alcee Hastings (D-23)
- Suzanne Kosmas (D-24)
- Lincoln Diaz-Balart (R-21)
- Kathy Castor (D-11)
- Kendrick Meek (D-17)
If passed, H.R. 2555 would be expected to lower the cost and increase the availability of homeowners’ insurance in Florida and throughout the United States by creating an optional national catastrophe insurance pool.
To view a white paper about the Homeowners’ Defense Act of 2009, click here. A bill summary may be viewed by clicking here.
A press release on H.R. 2555 from the Office of Congressman Klein is reprinted below.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
Klein Introduces Homeowners’ Defense Act
Insurance Reform Bill to Stabilize Markets; Lower Costs for Homeowners
Washington, D.C., May 21, 2009 – Congressman Ron Klein (FL-22) today introduced the Homeowners’ Defense Act of 2009 (H.R. 2555). This urgently needed insurance reform legislation will reduce the cost and improve availability of homeowners’ insurance in Florida and around the country. Klein’s bill allows states that choose to participate in a national catastrophe insurance pool to spread the risk of natural disasters in order to bring down costs for everyone.
“In these difficult economic times, the skyrocketing cost of homeowners’ insurance is pushing more and more families to the brink,” Klein said. “Now is the time for a common-sense solution that brings real relief to families in South Florida and around the country.”
Under Klein’s innovative solution, more than thirty states would be eligible to pool their risk of natural disasters, which saves taxpayers money by taking smart, preventative action before disaster hits, rather than sticking every American with an expensive bill for post-disaster cleanup.
“Whether it is a hurricane in Florida, an earthquake in California, a wildfire in Arizona or a tornado in Kansas, there is no reason why we can’t spread the risk across states and natural disasters in order to bring down prices for homeowners,” Klein said. “At its heart, this bill is designed to make sure insurance is doing what it is supposed to do: spread the risk.”
Congressman Klein’s legislation has broad, bipartisan support. The Homeowners’ Defense Act of 2009 has more than 40 co-sponsors from 21 states across the country. Prospects for passage are extremely favorable, buoyed by the innovative approach and strong support of President Obama, who co-sponsored the legislation as a member of the U.S. Senate two years ago.
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