Rep. Demings Calls For Congress To Pass Insurance Stopgap For Florida Families

ORLANDO, Florida, Sept. 27 -- Rep. Val Demings, D-Florida, issued the following news release on Sept. 26, 2022:

Today Rep. Val Demings (FL-10) called on Congressional leaders to hold a vote to pass legislation she cosponsored to help address the growing crisis in the state's property insurance market. Rep. Demings cosponsored the FAITH Act, legislation to shore up the broken property insurance market from the federal level. Rep. Demings also called for the state legislation to act on the crisis, which is driven by state-level policies.

Said Rep. Demings, "Congress needs to pass our legislation to help bandage the problems caused by their neglect of the state's property insurance market. As the daughter of a maid and a janitor I saw how hard my parents worked for their home and their property. We must defend hardworking Florida families. State leaders have abandoned Florida homeowners to big storms like Hurricane Ian, and property insurance costs have shot up.

"Big storms mean big losses for insurers. Big losses mean big rate hikes for working families. There's another big storm coming. We must show leadership and stand up for working families, stop the losses, stop the rate hikes, and stop companies from gauging hardworking families."

Background

H.R. 7643, The Fueling Affordable Insurance for Today's Homeowners (FAITH) Act, would provide a federal backstop to reduce the amount of costly reinsurance, or insurance for insurance companies, that property insurers are required to buy. Reducing costs for insurance companies and increasing the number of insurers in Florida will help solve the ongoing property insurance crisis and lower premiums for Florida homeowners.

Rep. Demings strongly supported the bipartisan infrastructure bill (https://demings.house.gov/media/press-releases/rep-demings-attends-signing-bipartisan-infrastructure-bill), a generational investment in Florida's infrastructure, including $50 billion for storm resilience and weatherization.

Rep. Demings cosponsored bipartisan legislation (https://demings.house.gov/media/press-releases/rep-demings-cosponsors-bipartisan-flood-insurance-reform) to reauthorize the National Flood Insurance Program (NFIP) and ensure the stability and affordability of our nation's flood insurance program.

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Original text here: https://demings.house.gov/media/press-releases/rep-demings-calls-congress-pass-insurance-stopgap-florida-families