An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Catastrophic events

Large-scale natural disasters such as hurricanes, floods, earthquakes, wildfires, or tornadoes that cause widespread damage and significant financial losses.

Homeowners' insurance

A type of property insurance that covers private residences, providing protection against damages to the home and assets in it from various perils, and liability for accidents that occur on the property.

Reinsurance

Insurance purchased by an insurance company from another insurance company to limit the risk of large losses. It's essentially 'insurance for insurers.'

Mitigation

Actions taken to reduce the severity, impact, or likelihood of a disaster. Examples include reinforcing buildings, improving drainage, or creating firebreaks.

Debt guarantee

A promise by one party (in this case, the federal government) to cover the debt obligations of another party (state insurance programs) if they default. This makes it easier for the borrower to get loans.

Consortium

An association or group of several companies, organizations, or governments working together for a shared goal.

Full faith and credit