14+ hour, 45+ min ago (234+ words) Home " Featured " Jared Moskowitz Reintroduces Disaster Insurance Bill Reducing Homeowner Premiums Specifically, the Natural Disaster Risk Reinsurance Act creates a catastrophic reinsurance backstop, meaning a cap on how much insurers pay in disaster claims, thereby reducing premiums and avoiding "risk of ruin," or the likelihood of losing all investment capital. Additionally, the bill creates post-event bonds for losses exceeding a state's reinsurance cap, which states pay for over 10 years through a temporary surcharge that only activates after a catastrophic event. Finally, states can choose to apply the backstop to specific natural disasters, such as floods, hurricanes, wildfires, and earthquakes. As Rep. Moskowitz explained, Florida's high insurance premiums stem from insurers buying expensive reinsurance to avoid the risk of ruin after natural disasters, which in turn raises homeowners' premiums. "Insurance costs are crushing Florida families, and they deserve real relief " not…...