Homeowners’ Defense Act of 2023

The Homeowners' Defense Act of 2023 establishes federal programs to help homeowners in disaster-prone areas prepare for and recover from natural catastrophes. It creates a National Catastrophe Risk Consortium to coordinate risk assessment, provides federal debt guarantees for state insurance programs to cover catastrophic losses, and establishes a reinsurance program to share risk with private insurers. The bill also creates a grant program to help homeowners retrofit properties to withstand disasters and reduce future damage. To qualify for federal support, state insurance programs must meet specific requirements including risk-based pricing, transparency about potential costs, and providing mitigation services. This legislation aims to strengthen insurance markets in high-risk areas and reduce the burden on taxpayers after major disasters.