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FL H0371
M
Status
Failed
3/8/2024
Primary Sponsor
Kelly Skidmore
Click for details
AI Summary
- Urges the U.S. Congress to establish a federal catastrophe pool to spread the risk of natural disasters and reduce insurance premium costs for residents and insurers nationwide
- Cites rising homeowner losses from climate change-driven disasters including hurricanes, tornadoes, floods, wildfires, earthquakes, and volcanic eruptions as driving insurance premiums higher and causing insurer insolvencies
- Notes that Florida's Citizens Property Insurance, the state's insurer of last resort, has grown by more than 544,311 policies since September 2020 and now covers over 1 million policies
- References Hurricane Ian's estimated $115 billion in damages (with $5.2 billion in federal recovery spending) and Hurricane Idalia's projected $20 billion in damages as examples of catastrophic loss
- Directs Florida's Secretary of State to send copies of the memorial to the U.S. President, the President of the U.S. Senate, the Speaker of the U.S. House, and all members of Florida's congressional delegation
Legislative Description
Federal Catastrophe Pool
Last Action
Died in Insurance & Banking Subcommittee
3/8/2024
Committee Referrals
Insurance And Banking Subcommittee11/22/2023
Full Bill Text
No bill text available