HomeHome InsuranceNew Federal Legislation to Provide Federally Backed Reinsurance

New Federal Legislation to Provide Federally Backed Reinsurance

I did not predict this proposed solution, but it does harken to what I said would come; some form of federally backed property hazard insurance. While Congress is somewhat immobilized to pass real legislation, this one does have a chance since it is not just Californians that are experiencing sky high property insurance rates and fewer, if any, companies are even offering insurance.

Check out this article: “California Rep. Adam Schiff introduces bill to help stabilize home insurance market.”

However the bill is written, they need to be careful that it actually accomplishes what they want and is not just another way for insurance companies to pad their bottom line.

But, but, but … is this what we really want to do? Subsidize people’s risky behavior of building/living in areas that are subject to significant hazards of all types? Near or on the water, on hillsides, in wildfire zones, etc.

Eric Holdeman

Eric Holdeman is a contributing writer for Emergency Management magazine and is the former director of the King County, Wash., Office of Emergency Management.

See More Stories by Eric Holdeman

Source link

latest articles

explore more