CONGRESS FOR VOTERS

DemocratBill · S.Res. 556· Senate(119-SRES-556)

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

Rep. Whitehouse
Age: 71 years
Rhode Island
Introduced
12/17/2025
Last activity
12/17/2025 — Referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsored by
Sheldon Whitehouse
Cosponsors
Democrat - 7Republican - 0
Finance and Financial Sector
  1. Introduced
  2. In Committee

A Senate resolution is the Senate speaking for itself: stating a position, honouring someone, or setting its own rules. Adopting it is the whole process. Once the Senate agrees to it, it is officially the Senate's word; it is not a law, so the House and the President have no part in it.

What this bill would do

This resolution recognizes that Florida's insurance market is under severe stress due to climate risks. It notes that major insurers have left the state, leaving behind smaller and less stable companies. The text points out that homeowners are facing average annual insurance premiums of $14,000, with rates rising 34 percent since late 2022. It highlights concerns regarding the financial ratings given by an agency called Demotech to smaller Florida insurers. Finally, the resolution calls on Fannie Mae and Freddie Mac to scrutinize Demotech's rating practices and asks the Treasury Department's insurance office to examine the probability that state-backed insurers of last resort will need a federal bailout.

Yes· 3 of 8

  • Does this give people more protection from unfair business practices?+4

    The resolution seeks greater scrutiny of insurance rating agencies and market stability to protect consumers from sudden insolvencies.

  • Does this make the government pay for what it commits to?+3

    Encouraging federal oversight of insurance ratings and insurer of last resort risks promotes fiscal responsibility.

  • Does this make what the government does easier for the public to see?+3

    Encourages scrutiny of rating agencies and potential fiscal liabilities to increase transparency for taxpayers and regulators.

The opposite

  • Would households on low incomes be better off under this?-2

    High insurance costs and potential financial insolvencies disproportionately strain lower-income homeowners.

  • Would middle-income households be better off under this?-2

    Middle-class homeowners face severe pressures from soaring property insurance premiums averaging $14,000 annually.

  • Does this lower what people pay for private health insurance?-2

    The text notes that Florida homeowners face high and rising insurance premiums averaging $14,000 annually, highlighting ongoing cost pressures.