July 17 - Senator Schiff Proposes Federal Program to Protect Homeowners from Insurance Losses

According to Spectrum News, in response to the ongoing wildfire insurance crisis, Senator Adam Schiff is reintroducing the INSURE Act, a bill aimed at protecting homeowners in high-risk areas by creating a federal reinsurance program. This program would require insurers to cover natural disasters like wildfires and floods while capping their liability during catastrophic events to stabilize the insurance market. The legislation seeks to address the sharp rise in insurance costs and the increasing number of companies refusing to write new policies, which has left many California wildfire survivors underinsured and struggling to rebuild.