Homeowners Insurance

Floor Speech

HOMEOWNERS INSURANCE -- (House of Representatives - June 07, 2007)

The SPEAKER pro tempore. Under a previous order of the House, the gentleman from Florida (Mr. Bilirakis) is recognized for 5 minutes.

Mr. BILIRAKIS. Mr. Speaker, before I begin, I'd like to wish a happy birthday to my son, Michael, who was born on June 7, 1993. He's 14 years old today. What a wonderful boy he is. I'm so proud of him; great student, all around great person, great athlete as well. He takes after my father, Congressman Mike Bilirakis, who he was named after.

Mr. Speaker, it is with great frustration and disappointment that I rise today. It has been 3 years since the devastating 2004 hurricane season that ravaged my State, which forced homeowners insurance rates to skyrocket to unmanageable levels. And this body, unfortunately, has not acted.

Along with many of our gulf coast colleagues, I have pleaded with the Democrat leadership to act on legislation which might ease this financially crippling crisis. Of course, this body has not acted.

Countless of my constituents have implored me to help relieve this crisis so they do not have to leave the areas they love. They wish to raise their children and retire in the great State of Florida, but they fear that simply it will not happen because they can't afford it. We must act, Mr. Speaker.

The front page of today's Wall Street Journal forewarns of the impending economic emergency if we have another major hurricane here in the United States. The story correctly notes, and I quote, ``If insurers of last resort face major storm losses, those costs could spread to a broad cross section of the public.'' This is just another warning given to this Congress that something must be done immediately. We must act.

Mr. Speaker, I will submit the entire article for the Record.

One of the areas most affected by this crisis is Pasco County in Florida, my district. Last month, the County Commissioners passed a resolution calling for Congress to take action.

Mr. Speaker, I would like to submit the entire resolution for the Record.

Mr. Speaker, the following are excerpts from the Pasco resolution, and I quote.

``Whereas, the National Association of Insurance Commissioners, the Southern Governors Association, the Florida Legislature, as well as other State legislatures across the country,'' this is not just a Florida problem, as you know, Mr. Speaker, they ``passed resolutions recognizing the importance of developing additional insurance capacity to ensure the viability of coverage for catastrophic natural perils by endorsing the concept of a national disaster plan; and

``Whereas, Hurricanes Katrina, Rita and Wilma caused over $200 billion in total economic losses, including insured and uninsured losses; and

``Whereas, the United States Federal Government has provided and will continue to provide billions of dollars and resources to help our Nation recover from catastrophes, and

``Whereas, multiple proposals have been introduced in the United States Congress over the past decade to address catastrophic risk insurance, including the creation of a national catastrophic reinsurance fund,

``Therefore, be it resolved by the Board of County Commissioners of Pasco County, Florida, it supports the adoption of legislation by the United States Congress to create a reasonably priced national reinsurance program that will help Americans find private insurance protection from natural catastrophes for their homes while reducing the demand on governmental resources,'' that's key, ``to assist victims after an event occurs.''

This is a bipartisan issue, Mr. Speaker. I know you agree.

Mr. Speaker, along with cosponsoring legislation to establish a national catastrophic fund, I introduced legislation to provide tax incentives for Americans to strengthen their property. Enactment of my bill, H.R. 913, will reduce homeowners insurance rates and could help save lives.

I implore this body to act on these and other insurance-related bills to help Americans who are in need. I pray that it doesn't take another Katrina-type catastrophic event before the body heeds my request. Let's go to work.

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