US HB827

Establishes the National Catastrophe Risk Consortium, chaired by the Secretary of the Treasury, to assess catastrophic risk exposure across states and identify gaps in insurance affordability and availability

Authorizes the Treasury Secretary to guarantee up to $3.5 billion in debt for state earthquake insurance programs and up to $17 billion for programs covering other perils (hurricanes, tornadoes, fires, volcanic eruptions), with maximum 30-year debt terms

Creates a federal reinsurance program allowing eligible state catastrophe insurance programs to purchase actuarially-priced reinsurance contracts covering 80-90% of losses exceeding their retained amounts, funded through the Federal Natural Catastrophe Reinsurance Fund

Directs HUD to establish a mitigation grant program for state and local governments to fund disaster preparedness, home inspections, retrofitting assistance, and public education campaigns, with at least 35% of the Reinsurance Fund's annual investment income allocated to these grants

Requires eligible state programs to use risk-based pricing, implement building code mitigation measures, and prohibit cross-subsidization between insurance lines, with a 5-year transition period for existing state residual market entities