Homeowners' Defense Act of 2007

HOMEOWNERS' DEFENSE ACT OF 2007 -- (House of Representatives - November 08, 2007)

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Mr. BUCHANAN. Mr. Chairman, there is no larger issue in my home State of Florida than the high cost of homeowners insurance. Like many Floridians, my constituents are finding property insurance more expensive and, many times, impossible to get. Skyrocketing insurance is hurting the middle class and it is damaging our real estate market and our economy. Insurance in the State of Florida has gone up 385 percent in last 5 years, 77 percent a year.

This bill is necessary to encourage insurance companies to write policies that will work for families and small businesses that they can afford. One of our businesses, and I don't want to leave them out either, in our community, their insurance went from $25,000 to $125,000. They called me and asked me what could they do. I said, ``Well, get some other prices.'' He called back and said there was nobody else that will even write it. One insurance company. They had to have it because they had a mortgage.

I am pleased the House will pass a manager's amendment that includes language authorized by my colleague Ginny Brown-Waite. I want to thank her for her leadership on this effort for the last 3 years. She is going to establish a Federal catastrophic fund. This amendment mirrors legislation I introduced with her at the beginning of the year. I also want to thank my Florida colleagues Congressman Tim Mahoney and Congressman Ron Klein for introducing this legislation.

Mr. Chairman, I am proud that we have been able to work on a bipartisan basis in Florida.

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