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119-s-2349119th CongressWALLET

INSURE Act

Sponsored By: Senator Schiff, Adam B. [D-CA]

Introduced

Summary

Creates a federal catastrophe reinsurance backstop to lower insurers' exposure and encourage loss-prevention partnerships. The bill would set up a Federal Catastrophe Reinsurance Program and a Fund to hold and invest premiums to reinsure qualifying all-perils property insurers and support multi-year policy options.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Federal catastrophe reinsurance program

If enacted, the bill would create a federal catastrophe reinsurance program and a Fund to hold insurer premiums. The Secretary must set up the Program within 4 years and phase in perils from year 4 to year 8. If the Fund lacks money, the Secretary could issue U.S.-guaranteed notes or bonds to pay obligations. The Secretary would limit Fund payments to no more than 40% of an insurer’s probable maximum loss per peril. Participating insurers pay quarterly premiums set from expected average losses, administrative costs, and a trend factor. Premiums may not be set below 50% of expected losses plus admin costs and (except for material exposure changes) may not rise more than 7% in a year. Insurers must offer all-perils policies and loss-prevention partnerships to join. The bill would also require quarterly policy-level data reporting and an advisory committee to guide the Program.

Multi-year home insurance pilot

If enacted, the Secretary would run a pilot offering all-perils property policies with terms of at least five years. Insurers could raise premiums during the term only for construction-cost indexes, changes in home value, or optional coverages you choose. Insurers could not raise premiums because they reassess your property’s catastrophe risk. Insurers may require property maintenance and loss-mitigation partnerships to offer the multi-year policy. A buyer could continue the policy after a sale only with the insurer’s agreement. If you cancel early after receiving funds for loss-prevention improvements, you would return a pro‑rata share of those funds.

Sponsors & CoSponsors

Sponsor

Schiff, Adam B. [D-CA]

CA • D

Cosponsors

  • Sen. Hirono, Mazie K. [D-HI]

    HI • D

    Sponsored 7/17/2025

Roll Call Votes

No roll call votes available for this bill.

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