Introducing the CHEAPER Act: A Federal Lifeline for Florida’s Homeowners

As someone born and raised in Tampa Bay, I’ve seen firsthand the anxiety and uncertainty that our friends and neighbors face due to skyrocketing homeowners insurance costs. With efforts stalled at the state level, many feel helpless and at the mercy of the few remaining insurance companies. There must be a better way. Today, I am excited to announce a new and innovative proposal that I believe can turn the tide: the Cutting Homeowners’ Expenses and Providing Equitable Rates (CHEAPER) Act. This is more than just a policy; it’s a promise to the people of Florida that we can and will do better.

Understanding Our Struggle

Over the past few years, I’ve listened to countless stories from Floridians who are being priced out of their homes. Premiums have doubled or tripled, insurers are pulling out of the state, and many families are left with no choice but to risk going without insurance. This crisis is deeply personal to me because Florida is on the front lines of climate change. The increasing frequency and severity of storms are no longer just headlines; they are our reality. Our homes are more vulnerable than ever, driving insurance costs to unaffordable levels.

The financial strain from repeated catastrophic losses has led to a wave of insurer bankruptcies and market exits, exacerbating the affordability crisis. Failing insurance markets can harm our nation’s economy. A recent article in the New York Times highlighted this vicious cycle:

“Without insurance, banks won’t issue a mortgage; without a mortgage, most people can’t buy a home. With fewer buyers, real estate values are likely to decline, along with property tax revenues, leaving communities with less money for schools, police and other basic services.”

This insurance crisis is not Florida’s alone. Beyond hurricanes, previously small-scale threats like wildfires, hail, and windstorms have become more intense and frequent. Insurers in 18 states are either raising rates or pulling out of the market, leaving homeowners to fend for themselves.

A Personal Commitment: The CHEAPER Act

Given the scale and complexity of the crisis, it is clear that state-level actions alone are insufficient. The CHEAPER Act is my personal pledge to address this crisis head-on. The Act will create a federal homeowners insurance policy for natural disasters covering primary residences, stepping in where private insurers are failing, and offering the stability and affordability we desperately need.

Most importantly, the CHEAPER Act will spread the risk more effectively across the Gulf and East Coasts and increase competition with existing providers. Such measures will help lower premiums for everyone. In the future, the CHEAPER Act could function like the National Flood Insurance Program, providing comprehensive coverage for various natural disasters. This means more affordable protection for all of us against hurricanes, wildfires, hailstorms, and more.

Supporting Measures for a Stronger Community

Beyond the CHEAPER Act, we can take additional steps to stabilize the market and make insurance more affordable. These include a federal reinsurance program to provide a safety net for private insurers, expanding existing programs like My Safe Florida Home to make our homes more storm resilient, and investing in infrastructure and floodplain management to reduce the risk of severe damage. We should also consider tax incentives for insurers operating in high-risk areas to foster competition. These actions will lower premiums, protect your home, and provide stability to the market.

A Shared Vision for Our Future

Florida’s homeowners insurance crisis is a personal issue that touches all of us. It’s about protecting our homes, our families, and our financial futures. State-level efforts have fallen short, and it’s clear that we need an innovative and bold federal solution. The CHEAPER Act, along with additional federal measures, provides a comprehensive path forward. By broadening risk pools, providing reinsurance, enhancing mitigation efforts, and incentivizing insurers, we can increase competition, lower premiums, and ensure that every Floridian has access to affordable homeowners insurance.

As your future representative, I am committed to fighting for these solutions in Congress. It’s time for us to come together and take decisive action to protect our homes and our way of life. Together, we can build a more resilient and affordable insurance market for all Floridians.

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Whitney Fox is a Democratic Candidate for Florida’s 13th Congressional District, and a former Communications Director for the Pinellas Suncoast Transit Authority