Homeowners’ Defense Act of 2025
Latest action · Jan 28, 2025 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 28, 2025
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Homeowners' Defense Act of 2025
This bill allows the Department of the Treasury to guarantee the debt issued by an eligible state catastrophe insurance program, with limitations on the total amount of debt guaranteed.
To qualify, a state program must (1) be established and authorized by state law as an insurance program or a reinsurance program designed to support the private insurance market, and (2) offer residential property insurance coverage for losses arising from any personal residential line of insurance. Treasury must pay the portion of the principal and interest on guaranteed debt due for payment if the state program has insufficient funds.
Treasury must also make reinsurance coverage available to eligible state programs. (Reinsurance protects insurers from large losses.) The bill also establishes the Federal Natural Catastrophe Reinsurance Fund, funded in part by the sale of reinsurance contracts, to pay out eligible losses.
The bill also establishes the National Catastrophe Risk Consortium which must maintain an inventory of catastrophe risk obligations held by providers of natural catastrophe insurance, among other functions.
The Department of Housing and Urban Development must provide grants to entities (such as states) for the purpose of preventing and mitigating losses from natural catastrophes.
The Government Accountability Office must report on risk-based rate pricing and state insurance program rates.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Feb 21, 2025 to Jun 6, 2025.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-GA | Henry C. "Hank" Johnson, Jr. | Feb 21, 2025 | |
| D-MD | Kweisi Mfume | Jun 6, 2025 |
Actions 2
Everything that happened, newest first.
- Jan 28, 2025Introduced in House
- Jan 28, 2025Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jan 28, 2025Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.