INSURE Act | ChamberLight

IN COMMITTEE· 119TH CONGRESS

House BillHR 4504Finance and Financial Sector

INSURE Act

INTRO JUL 17· LAST ACTION JUL 17

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Passed Senate

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Became Law

WHAT THE BILL DOES

AI-written

Voters should care about this bill because it aims to address the growing challenge of getting affordable and comprehensive property insurance in an era of increasing natural disasters. As climate change leads to more frequent and intense weather events, insurance markets in vulnerable areas have become unstable, with some insurers pulling out or significantly raising premiums. If passed, this bill could help keep insurance available and potentially more affordable by cushioning the financial blow to insurance companies after major catastrophes.

Without such a program, the burden of massive disaster losses often falls heavily on individual insurers, leading to higher premiums, reduced coverage options, or even insolvencies. This could leave homeowners and businesses without adequate protection, forcing them to rely more heavily on federal disaster aid after an event. This bill offers a proactive approach to stabilize the insurance market, potentially reducing taxpayer exposure to uninsured losses and helping communities rebuild faster after a disaster by ensuring insurers have the capacity to pay claims.

KEY PROVISIONS

4AI-extracted

PROVISION 01

Establishes a federal catastrophic property loss reinsurance program within 4 years of the bill becoming law, managed by the Secretary of the Treasury.

This creates a new federal backstop for private insurance companies, helping them manage financial risks from major natural disasters.

PROVISION 02

Requires participating insurers to offer 'all-perils' property insurance policies covering wind, hurricane, wildfire, severe storms, flood, and earthquake (phased in over time).

This aims to ensure that comprehensive disaster coverage is available to consumers, addressing gaps often found in standard policies.

PROVISION 03

Sets a financial threshold (not exceeding 40% of probable maximum loss) at which participating insurers can receive payments from the program, in exchange for quarterly premiums.

This defines when the federal program provides financial assistance, creating a clear structure for risk sharing between the government and private insurers.

PROVISION 04

Mandates that participating insurers offer 'loss prevention partnerships' to policyholders to encourage activities that reduce insured and economic losses.

This provision incentivizes proactive measures by property owners and insurers to mitigate damages before disasters occur, potentially reducing overall losses.

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ACTION TIMELINE

2 EVENTS

JUL 17

Introduced in House

INTROREFERRAL

JUL 17

Referred to the House Committee on Financial Services.

HOUSE · INTROREFERRAL

BILL INFO

TypeHouse Bill

NumberHR 4504

Congress119th

StatusIn Committee

IntroducedJul 17, 2025

Last actionJul 17, 2025

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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED JUL 17, 2025

House BillHR 4504Finance and Financial Sector

INSURE Act

INTRODUCED JUL 17, 2025· LAST ACTION JUL 17, 2025

PASSAGE CHANCES

—%

READING

13 min

COSPONSORS

COMPLEXITY

Moderate

Call my reps Congress.gov

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed House

Passed Senate

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

KEY PROVISIONS

AI-extracted

high

Establishes a federal catastrophic property loss reinsurance program within 4 years of the bill becoming law, managed by the Secretary of the Treasury.

This creates a new federal backstop for private insurance companies, helping them manage financial risks from major natural disasters.

high

Requires participating insurers to offer 'all-perils' property insurance policies covering wind, hurricane, wildfire, severe storms, flood, and earthquake (phased in over time).

This aims to ensure that comprehensive disaster coverage is available to consumers, addressing gaps often found in standard policies.

med

Sets a financial threshold (not exceeding 40% of probable maximum loss) at which participating insurers can receive payments from the program, in exchange for quarterly premiums.

This defines when the federal program provides financial assistance, creating a clear structure for risk sharing between the government and private insurers.

med

Mandates that participating insurers offer 'loss prevention partnerships' to policyholders to encourage activities that reduce insured and economic losses.

This provision incentivizes proactive measures by property owners and insurers to mitigate damages before disasters occur, potentially reducing overall losses.

DEADLINES & DATES

AI-extracted

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Not later than 4 years after the date of enactment of this Act

Secretary of the Treasury must establish the catastrophic property loss reinsurance program.

Not later than January 1 of the year beginning 4 years after the date of enactment of this Act

Program begins operating for wind and hurricane perils.

Not later than January 1 of the year beginning 5 years after the date of enactment of this Act

Program begins operating for severe convective storm and wildfire perils.

Not later than January 1 of the year beginning 6 years after the date of enactment of this Act

Program begins operating for flood peril.

Not later than the earlier of January 1 of the year beginning 8 years after the date of enactment of this Act or the date on which the feasibility report described in section 4(2) is submitted

Program begins operating for earthquake peril.

GLOSSARY

AI-written

Reinsurance: Insurance for insurance companies. It helps insurance companies manage their own risks by transferring a portion of their potential losses to another company.
Catastrophe peril: Damage caused by specific large-scale natural disasters like hurricanes, wildfires, floods, or earthquakes.
All-perils property insurance policy: An insurance policy that covers damage from a wide range of listed natural disasters and other risks, rather than just a few specific ones.
Federal Catastrophe Reinsurance Fund: A special government account where premiums from participating insurance companies would be collected and from which payments would be made to those companies after major disasters.
Probable maximum loss: An estimate of the largest loss an insurer is likely to suffer from a single event or a series of events within a given timeframe, used to assess risk.
Loss prevention partnership: An agreement or program where insurance companies and their policyholders work together on activities designed to reduce potential damage and financial losses from disasters.

ACTION TIMELINE

2 EVENTS

JUL 17, 25

Introduced in House

INTROREFERRAL

JUL 17, 25

Referred to the House Committee on Financial Services.

INTROREFERRAL

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INSURE Act

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WHAT THE BILL DOES

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ACTION TIMELINE

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INSURE Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

DEADLINES & DATES

GLOSSARY

ACTION TIMELINE

SPONSORS

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