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FL H4003
M
Status
Failed
6/16/2025
Primary Sponsor
Kelly Skidmore
Click for details
AI Summary
- Urges the U.S. Congress to establish a federal catastrophe risk pool to spread the risk of natural disasters nationally and reduce the cost of property insurance premiums for homeowners and insurers
- Cites escalating disaster costs, including Hurricane Ian (September 2022) with $115 billion in estimated damages and $8.69 billion in federal recovery support, and Hurricanes Helene and Milton (2024) causing over $4 billion in damages in Florida and $100 billion nationally
- Notes that multiple insurance companies have become insolvent or stopped writing policies in Florida, while Citizens Property Insurance Corporation, the state's insurer of last resort, now covers nearly one million policies and is seeking a 13.5% rate increase for standard homeowner's insurance
- Acknowledges that Florida residents have not received direct financial relief from state legislative measures aimed at addressing rising insurance premiums, and that states have limited funding to cover losses from federally declared natural disasters
- Directs the Secretary of State to send copies of the memorial to the President, the U.S. Senate President, the Speaker of the U.S. House, and all members of Florida's congressional delegation
Legislative Description
Federal Catastrophe Risk Pool
Last Action
Died in Insurance & Banking Subcommittee
6/16/2025
Committee Referrals
Insurance And Banking Subcommittee1/22/2025
Full Bill Text
No bill text available