Schmitt Applauds Trump Administration Repeal Of Harmful Biden-era Housing Regulations, Expanding Access To Homeownership

The following information was released by Missouri Senator Eric Schmitt:

FollowingU.S. Senator Eric Schmitt's push (R-MO),the Trump Administration today announced therepeal of Biden-Era mandate prohibiting actual cash value (ACV) homeowners' insurance policies, making homeowners insurance more affordable for American families and rural communities.Schmitt calledon Federal Housing Finance Agency (FHFA) Director William "Bill" Pulte to reverse this harmful mandate last year.

"Imposing higher costs on families and limiting consumer choice was another outrageous example of big government overreach by the Biden Administration. I'm grateful to the Trump Administration and FHFA Director Pulte for workingwith me to repealthis harmful mandate, giving families the flexibility they need and ensuring rural communities have better access to choose an insurance plan that best reflects their needs,"said Senator Schmitt.

Under the former mandate requiring replacement cost value (RCV) coverage, homeowners' insurance costs soared, reducing the American dream to a "one size fits all" and making it harder for the average American to become a homeowner. Instead of empowering individuals to decide coverage plans for themselves, the federal government restricted consumer choice, forcing families to pay higher premiums.

Read Senator Schmitt'sletter to FHFA Director PulteHERE.

Statements of Support:

"More choices and fewer mandates will make homeowners insurance more affordable for consumers. Sen. Schmitt's efforts to eliminate these needless coverage restrictions have been crucial to lowering costs and keeping the dream of homeownership within reach for all Americans. NAMIC commends the Senator for his leadership and important work on behalf of Missourians and consumers nationwide,"said Jimi Grande, NAMIC SVP of Federal and Political Affairs.

"We appreciate Senator Schmitt's strong stance on this important issue. Access to a wide range of affordable coverage options provides flexibility to homeowners to choose what works best for them. As we work to bring the next generation home to rural America, we will continue to seek commonsense policy solutions in this space and others,"said Garrett Hawkins, President of Missouri Farm Bureau.

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