"I would very much
like to see that happen," said state Sen. Mike Fasano, R-New Port
federal government runs a national flood insurance program, so it
makes perfect sense to have a fund for wind damage and other
disasters, Fasano believes.
would have to respectively disagree with the president on that one,"
Fasano said about reports President Bush might veto catastrophe fund
legislation. Foes favor private insurance market solutions.
"This is what happens when you live within the beltway" of
Washington, D.C., Fasano commented, or even in the state capital in
Tallahassee. "You lose touch."
Rep. Ginny Brown-Waite recently praised passage of the Homeowner's
Defense Act, legislation that included a federal national disaster
catastrophic insurance fund, or cat fund.
the past three years, Brown-Waite has led efforts to create such a
U.S. House leaders, Democrat and Republican, apparently agree. The
legislation passed easily by a vote of 258-155.
the past three years, I have worked ... to get members to rethink
the way we view natural disasters in this nation," Brown-Waite said
in a press release.
Senate companion bill, sponsored by Florida Sen. Bill Nelson,
recently got a big boost when Sen. Hillary Clinton, D-New York, came
out in support of the measure.
Detractors argue a national catastrophic fund could expose all U.S.
taxpayers to a huge financial liability while only benefiting the
owners of property in areas vulnerable to hurricanes or other
Brown-Waite amendment requires the Secretary of the Treasury to
provide reinsurance contracts to states, like Florida, that have
established state cat funds.
federal catastrophe fund would provide lower-cost reinsurance to
state cat funds, thus reducing the costs of homeowners' insurance to
those around the country.
legislation also includes a mandate that any savings from purchasing
the cheaper federal reinsurance must be passed along to the
"Taxpayers are sick and tired of seeing their homeowner insurance
rates go up year after year," Brown-Waite said.