The House of Representatives’ Subcommittee on Oversight and Investigations held a field hearing in West Palm Beach, Florida regarding the “crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.” This hearing examined insurance industry coverage of catastrophic natural disasters, insurance companies’ refusal to offer policies in coastal areas, rising homeowners’ insurance premiums and the resulting economic impact on state and local governments, as well as possible solutions to the homeowners’ insurance crisis.
Among the meeting participants were U.S. Rep. Ron Klein, (D-FL), U.S. Rep. Tim Mahoney (D-FL) and U.S. Rep. Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations. As previously reported here, Klein and Mahoney co-sponsored the Homeowners’ Defense Act, legislation that, among other things, would create a national catastrophe plan. The legislation passed the House, but the companion bill has stalled in the Senate.
Florida Insurance Commissioner Kevin McCarty also attended the meeting and advocated for the establishment of a national catastrophe fund.
Click here to read the hearing announcement and prepared testimony.