Moskowitz Reintroduces Legislation To Reduce Homeowners Insurance Costs For Florida Families

The following information was released by the office of Florida Rep. Jared Moskowitz:

Today, Congressman Jared Moskowitz (D-FL-23) reintroduced his Natural Disaster Risk Reinsurance Act, legislation designed to lower homeowners' insurance premiums, help families afford to stay in their homes, and stabilize Florida's collapsing insurance market.

Florida currently faces the highest average homeowners insurance premiums in the country, driven mainly by rising reinsurance costs. Because insurers purchase increasingly expensive reinsurance to avoid the "risk of ruin" after major storms, those costs are directly passed down to the homeowners. This cycle pushes premiums to unaffordable levels and drives insurers out of the state altogether.

"Insurance costs are crushing Florida families, and they deserve real relief not excuses," said Congressman Moskowitz. "This bill tackles the root of the problem by lowering reinsurance costs so insurers can lower premiums. It's long overdue relief for families just trying to stay in their homes."

Under the bill, the federal government would:

Create a catastrophic reinsurance backstop so insurers can lower premiums and avoid "risk of ruin" after major disasters.

Issue post-event bonds when losses exceed a state's reinsurance cap, with states repaying the bonds over ten years through a temporary surcharge only if a catastrophic event occurs.

Allow states to opt in voluntarily and apply the backstop to a broad range of disasters, including hurricanes, severe storms, wildfires, earthquakes, and more.

Independent estimates show the legislation could reduce insurance rates by roughly 25%, saving the average Florida homeowner about $1,500 in the first year alone. The measure is budget-neutral, with no upfront federal cost, and applies to a wide range of disasters.

Moskowitz first introduced this legislation during his first term in 2023 in response to Florida's rapidly escalating insurance crisis. In the years since, premiums have continued to rise, insurers have exited the market in droves, and Florida's families have struggled to find affordable coverage. The Natural Disaster Risk Reinsurance Act is intended to give states a tool to lower costs, keep insurers in the marketplace, and protect families against financial hardship after major disasters.

Before entering Congress, Moskowitz served as Florida's Director of Emergency Management from 20192021, overseeing disaster response for events such as the COVID-19 pandemic and Hurricane Michael. Since coming to Congress, he has worked to strengthen disaster preparedness, support affordable insurance reform, and reduce costs for Florida homeowners.

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