The INSURE Act requires the Treasury Department to establish a federal reinsurance program to help property insurance companies cover catastrophic losses from natural disasters. Starting in four years, the program will cover wind and hurricane damage, gradually expanding to include severe storms, wildfires, floods, and potentially earthquakes by year eight. Participating insurers must offer comprehensive all-perils property insurance policies for residential or commercial properties and partner with policyholders on loss prevention measures. The program will charge insurers quarterly premiums based on expected losses and administrative costs, establish a Federal Catastrophe Reinsurance Fund to pay claims, and require participating insurers to report detailed data on exposures and claims to federal and state agencies. The bill also directs the Treasury Secretary to study the feasibility of a relocation fund for homes and businesses that become uninsurable and to report on earthquake coverage options within two to three years.
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