Homeowners Protection Act of 2007 - Directs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding: (1) estimated loss costs associated with the contracts for reinsurance coverage; and (2) development of prevention, mitigation, recovery, and rebuilding standards that better prepare and protect the United States from catastrophes.
Instructs the Secretary to implement a program designed to make homeowners protection coverage available through contracts for reinsurance.
Prescribes guidelines governing: (1) qualified lines of coverage; (2) covered perils; (3) contracts for reinsurance coverage for eligible state programs; and (4) minimum level of retained losses and maximum federal liability.
Establishes the Consumer HELP Fund for: (1) payments to covered purchasers under contracts for reinsurance coverage; and (2) operating and administrative costs.
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