Today, the Office of Congresswoman Frederica Wilson (D-FL) hosted a Congressional briefing on Capitol Hill to inform policymakers of critical proposals to reduce the cost and increase the availability of homeowners' insurance. The briefing featured senior economist and policy analyst Rawle King of the Congressional Research Service. Congresswoman Wilson issued the following statement:
"As Floridians know, major storms are becoming increasingly common and ferocious. This trend has shot homeowners' insurance rates sky-high, and pushed insurance companies to drop hundreds of thousands of customers' coverage. This is not just a Florida issue--it's national.
Next week, I am introducing the Homeowners' Defense Act of 2013 in Congress. The bill establishes a national Consortium for state-sponsored insurance funds to voluntarily bundle their catastrophe risk with one another, and then transfer that risk to the private markets through catastrophe bonds and reinsurance contracts. This will strengthen state-sponsored insurance funds and enhance their ability to serve homeowners who are unable to obtain coverage. It's about making insurance affordable and available. "