Legislation is common-sense solution to bring down cost of homeowners’ insurance
Washington, D.C. – July 2, 2009 – (RealEstateRama) — The U.S. House Financial Services Committee’s Subcommittee on Oversight and Investigations, Chaired by Congressman Dennis Moore of Kansas, held a hearing in West Palm Beach, Florida today to address skyrocketing homeowners’ insurance rates.
The hearing, titled “The Homeowners’ Insurance Crisis: Solutions for Homeowners, Communities, and Taxpayers,” featured testimony from local homeowners, business organizations and statewide leaders. It addressed possible solutions to bring down the cost of homeowners’ insurance, including the Homeowners’ Defense Act, authored by Congressman Ron Klein (FL-22). Klein’s legislation allows states to voluntarily participate in a national catastrophe insurance pool in order to bring down homeowners’ insurance costs for everyone.
Subcommittee Chairman Dennis Moore said, “I’m pleased to join Rep. Klein here in Florida for this important discussion, but this is not just a Florida problem or a Kansas problem, where a violent tornado nearly destroyed an entire town. Severe weather, such as hurricanes, earthquakes, wild-fires and ice storms, knows no geographic boundaries. How these devastating tragedies impact the affordability and availability of homeowners’ insurance is a national problem that demands a national examination and response.”
“I want to commend Congressman Klein’s continued efforts to address an issue that has significantly impacted not only Florida but communities across America,” said House Financial Services Committee Chairman Barney Frank. “I look forward to working together to provide relief to the many families who continue to struggle with sky-high insurance premiums as they try to protect their homes from natural disaster.”
“I would like to personally thank Chairman Frank and Chairman Moore for their dedication to this critical issue,” Congressman Klein added. “Both of these outstanding leaders have taken the time to talk to homeowners and seek out common-sense, bipartisan solutions. Today’s hearing provides an excellent opportunity for experts and homeowners from all sides of the debate to come together and find ways to bring down costs and make sure insurance is doing what it is supposed to do: spread the risk.”
