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SRES556119th Congress

A resolution recognizing that Florida's insurance market is gravely stressed by climate risks.

Sponsored By: Senator Whitehouse, Sheldon [D-RI]

Introduced

Summary

Climate-driven insurer insolvency is putting Florida homeowners and the mortgage market at risk. This resolution would press Fannie Mae and Freddie Mac to review Demotech's rating practices and ask the Treasury Department's insurance office to study whether state-backed insurers might need a federal bailout.

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  • Homeowners: Many large insurers left after catastrophic hurricanes, leaving smaller, less stable companies. Florida premiums now average $14,000 a year, and rates have risen 34% since late 2022.
  • Housing market and mortgage holders: Only mortgages insured by companies with high financial strength ratings qualify for government mortgage-backed security programs, so the housing market increasingly depends on rating credibility. Demotech rates 98% of insurers "A" or above, and insurers it rates are 30 times as likely to become insolvent as those rated by rival firms.
  • State backstops and taxpayers: Florida's state-backed insurer, Citizens Property Insurance, can levy surcharges on policyholders to recoup losses, but such levies may be uncollectible, and there are scenarios where Citizens' losses could exceed its ability to pay claims.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Whitehouse, Sheldon [D-RI]

RI • D

Cosponsors

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 12/17/2025

  • Sen. Markey, Edward J. [D-MA]

    MA • D

    Sponsored 12/17/2025

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 12/17/2025

  • Sen. Duckworth, Tammy [D-IL]

    IL • D

    Sponsored 12/17/2025

  • Sen. Padilla, Alex [D-CA]

    CA • D

    Sponsored 12/17/2025

  • Peter Welch

    VT • D

    Sponsored 12/17/2025

  • Sen. Blunt Rochester, Lisa [D-DE]

    DE • D

    Sponsored 12/17/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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