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

Senate Resolution

S.Res. 556

119th Congress

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

In Committee

Introduced:Dec 17, 2025

Primary Sponsor

Sheldon Whitehouse

D - RI

Cosponsors

7

Quick Stats

Summary

This Senate resolution highlights Florida's insurance market crisis driven by climate risks. It notes home insurance premiums averaging $14,000 annually (up 34% since late 2022), that major insurers have left the state, and that the rating agency Demotech rates 98% of remaining insurers "A" or above despite their 30x higher insolvency rate. It calls for Treasury and Fannie Mae/Freddie Mac to examine these risks.

Latest Action

Referred to the Committee on Banking, Housing, and Urban Affairs.

AI Summary

Plain-English explanation of this bill

This Senate resolution highlights Florida's insurance market crisis driven by climate risks. It notes home insurance premiums averaging $14,000 annually (up 34% since late 2022), that major insurers have left the state, and that the rating agency Demotech rates 98% of remaining insurers "A" or above despite their 30x higher insolvency rate. It calls for Treasury and Fannie Mae/Freddie Mac to examine these risks.

Last updated: 12/26/2025

Key Points

Main provisions of the bill

Florida home insurance premiums average $14,000 annually
Premiums rose 34% since late 2022 per Florida Insurance Regulation
Major insurers left Florida, leaving smaller, less stable insurers
Demotech-rated insurers are 30x more likely to become insolvent
Citizens Property Insurance (state-backed) could face uncollectable surcharge scenarios
Calls on Treasury to examine probability of state insurer bailout requests

How This Impacts Americans

Potential effects on citizens and communities

This resolution directly affects Florida homeowners paying the highest insurance premiums in the nation, Florida's insurance market, and federal mortgage agencies. Fannie Mae and Freddie Mac are urged to scrutinize whether Demotech ratings adequately protect mortgage-backed securities. Florida's Citizens Property Insurance faces implicit warning about its financial stability. The broader housing and mortgage markets in Florida may face increased scrutiny from lenders and secondary market participants.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

556, 119th Congress (2025). "A resolution recognizing that Florida's insurance market is gravely stressed by climate risks.". Source: Voter's Right Platform. https://votersright.org/bills/119-sres-556