INSURE Act

The INSURE Act creates a federal reinsurance program to replace the National Flood Insurance Program, requiring property insurers to offer "all-perils" policies covering specific catastrophe risks like flood, wind, hurricane, wildfire, and eventually earthquake. Insurers participating in the program must implement loss prevention partnerships that encourage investments to reduce catastrophe losses, and will pay quarterly premiums to a Federal Catastrophe Reinsurance Fund. The program will phase in coverage for different perils over eight years, starting with flood coverage (beginning four years after enactment), followed by wind/hurricane (five years), severe storms/wildfire (six years), and earthquake (eight years or when feasibility reports are submitted). The bill also establishes grant programs for states to promote loss prevention investments and provide financial assistance to low-income homeowners struggling with insurance costs.