In a move to curb skyrocketing homeowners' insurance rates and overcome a congressional unwillingness to act, two senators from storm-ravaged states are filing legislation to create an emergency commission to find ways to shore up an insurance marketplace badly shaken by Hurricane Katrina and numerous other major storms over the past few years.
It's time for a comprehensive approach to making homeowners' insurance available and affordable in all 50 states, said Sen. Bill Nelson, D-Florida, who is co-sponsoring the bill with Sen. Mary Landrieu, D-New Orleans.
The legislation would create a commission made up of experts to recommend to Congress the best approach to addressing catastrophic risk insurance. Among other things, the commission would be required to analyze three specific proposals filed by Nelson and aimed at creating a national disaster fund and tax-free home-repair accounts for consumers.
This legislation will not produce major changes in the insurance industry overnight, but it will begin to identify the best solutions to ensure that home and business owners will have insurance coverage they need to rebuild after catastrophic natural disasters, said Landrieu. | 