A resolution recognizing that Florida's insurance market is gravely stressed by climate risks.

SRES 556 is a non-binding Senate resolution recognizing that Florida's home insurance market faces severe stress due to climate-related risks, directly impacting homeowners and insurers. It highlights that rising hurricane damage has caused major insurers to exit Florida, leaving smaller insurers (often rated by Demotech) vulnerable to insolvency, while premiums have surged 34% since 2022 to an average of $14,000 annually. The resolution calls on Fannie Mae and Freddie Mac to examine Demotech's rating practices and urges the Treasury Department to assess the risk of state-backed insurers like Florida's Citizens Property Insurance requiring federal bailouts. It does not create new laws but formally acknowledges systemic vulnerabilities in Florida's insurance system.