Lawmakers Introduce Homeowner Catastrophe Protection Act
"Natural disasters will always be unpredictable, and so the federal government has a responsibility to incentivize homeowners and insurers to better prepare for them. While Floridians have long struggled with the financial challenges that come with the constant threat of hurricanes and intense tropical storms, Superstorm Sandy recently showed us that no region of our country is immune from natural disasters. The Homeowner Catastrophe Protection Act represents a blend of bipartisan ideas that I am confident will help our nation and our communities better prepare for and recover from the damage inflicted by natural catastrophes," said Rep. Deutch.
"Superstorm Sandy was one of the worst storms
"As the Northeast continues to rebuild in the wake of the most devastating storm in recent history, we must ensure they have every resource available to them. Federal aid to Sandy victims has finally been signed into law, but our work is not finished. This legislation will ensure that insurance companies have the resources they need to assist victims of federally declared disasters, while providing homeowners with incentives to safeguard their homes from future catastrophes. As a member of the
The Homeowner Catastrophe Protection Act combines three proactive initiatives into one comprehensive bill:
1) The Policyholder Disaster Protection Act would create a tax-deferred reserve that insurance companies can set up to cover the losses from future natural disasters. Currently, insurance companies can only reserve against losses that have already occurred.
2) The Catastrophe Savings Accounts Act would create tax-exempt catastrophe savings accounts (CSAs) to pay expenses resulting from a presidentially declared major disaster.
3) The Natural Disaster Mitigation Act would provide a tax credit (equal to 25% of mitigation expenditures up to
TNS hc11-130207-4194548 StaffFurigay
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