INSURE Act

The INSURE Act establishes a federal reinsurance program to help property insurers cover losses from natural disasters like wind, wildfire, flood, and earthquake. It requires participating insurers to offer "all-perils" property insurance policies (covering multiple disaster types as they're phased in over 8 years) and implement loss prevention partnerships with policyholders to reduce risks. Insurers pay quarterly premiums into a Federal Catastrophe Reinsurance Fund, which covers claims when losses exceed a 40% threshold of an insurer's probable maximum loss. The program directly affects property insurers in high-risk areas and aims to stabilize insurance markets by sharing catastrophic risk.