Robert Wexler: “opponents of the Homeowners' Defense Act suggest we should not get caught up in the emotion of the moment. But, Mr.…”

“opponents of the Homeowners' Defense Act suggest we should not get caught up in the emotion of the moment. But, Mr. Chairman, our Nation is suffering from a property insurance crisis that desperately demands Federal action. Millions of American homeowners are enduring the skyrocketing costs of homeowner insurance premiums at the same time that their coverage is reduced. And millions more in Florida and throughout the Nation have had their policies cancelled. Those fortunate enough to still have coverage have experienced 200 and 300 percent increases in premiums, even though they have not filed a single claim. This is a terrible situation. I applaud Congressmen Klein and Mahoney for leading this critical effort. The insurance crisis is not a Florida-specific crisis, nor is it a coastal only crisis. Homeowners across the Nation are starting to see the same premium increases and cancellations that Floridians have endured for the past several years. Let me be clear. This is a crisis that affects each and every State in our Nation. As we have tragically seen in recent weeks and months, all Americans are vulnerable to hurricanes, floods, fires and other natural disasters. The economic impact of these catastrophes do not recognize State borders. We must act together as Americans to end this insurance crisis. This bill brings substantial savings to homeowners without degrading the private insurance market.”