U.S. House of Representatives Financial Services Committee Passes The Homeowners Defense Act of 2007

On September 26, the House Financial Services Committee passed HR 3355, a measure that would create a lending facility for states that experience massive storms or earthquakes and would allow states or regions to aggregate risk and sell bonds to help finance coverage for a portion of the losses that would result from a catastrophic event.

ProtectingAmerica.org applauds Congress for making natural catastrophe protection a priority, but warned that failing to enact a comprehensive program could create a false sense of security and result in dire consequences when the next massive earthquake or hurricane strikes.

"Congress, from the Speaker of the House, the Chairman of the Financial Services Committee, to the newest freshmen members, has made a laudable commitment to improving the way American families are prepared and protected from catastrophe," said former Federal Emergency Management Agency director James Lee Witt, co-chairman of ProtectingAmerica.org.

Read the release in its entirety.

The National Association of Insurance Commissioners Addresses Insurance Issues in Mobile, Ala.

On Monday, September 24th, Southeastern delegation National Association of Insurance Commissioners (NAIC) held a forum in Mobile, AL, to discuss insurance issues along the Gulf Coast. The public discussion included affected state insurance commissioners and representatives from State Farm, RenaissanceRe, the Municipal Bond Insurance Association and ProtectingAmerica.org.

Watch WPMI-TV (Mobile, Ala.) coverage.

Florida Insurance Commissioner, Kevin McCarty, discussed the need for a comprehensive national plan and a national catastrophe fund. He noted that the US is one of the few industrialized countries without a national catastrophe plan.

ProtectingAmerica.org was represented by Ed Collins who described the current insurance model as "broken" and advocated for change.

"There's never been more attention on this at the congressional level," stated Collins.

The NAIC will continue to address the insurance crisis by holding a public hearing on catastrophe modeling during its Fall National Meeting, September 28th, in Washington, D.C.

Read more.

On The Road:
By ProtectingAmerica.org Charter Member James Dalessandro

As you may recall, I began touring with ProtectingAmerica.org last summer to raise earthquake awareness along the New Madrid Fault Line in the Central Mississippi Valley. During that time, I spread messages of mitigation and preparation in the cities of Little Rock, Memphis, Nashville, Louisville, and Evansville (Indiana).

On September 12, I hit the road again for ProtectingAmerica.org, this time to visit at-risk cities along the Pacific Northwest. A Town Hall meeting and several media appearances in Seattle, Washington, officially kicked off the West Coast leg of our ongoing awareness efforts.

Read my full report.

Coalition Member Spotlight:

ProtectingAmerica.org welcomes the Rent Stabilization Association (RSA), and its 25,000 members, as members of both the national coalition and the New York affiliate, ProtectingNewYork.org. RSA joins in the call for a privately-funded national catastrophe program that will save lives and provide a stable, reliable property insurance mechanism to consumers.

"We applaud RSA for recognizing the need for a comprehensive national response mechanism that would enhance coordination of local, State and federal mitigation efforts, strengthen emergency response and provide a financial backstop to rebuild after a destructive event," said Admiral James Loy, former deputy secretary of the US Department of Homeland Security and co-chair of ProtectingAmerica.org.

The Rent Stabilization Association is the largest trade association in New York City representing 25,000 property owners/agents responsible for approximately one million units of housing. RSA’s members range from owners of one small building to large multi-family complexes, cooperatives and condominiums.

Learn more about RSA.

SEND US YOUR NEWS

DO YOU HAVE NEWS THAT YOU WOULD LIKE TO INCLUDE IN OUR COALITION SPOTLIGHT?

WRITE US AT ENEWS@PROTECTINGAMERICA.ORG AND LET US KNOW HOW YOUR ORGANIZATION IS WORKING TO BETTER PROTECT AMERICA FROM CATASTROPHE. YOUR NEWS WILL BE ADDED TO THE WEB SITE AND FEATURED IN AN UPCOMING NEWSLETTER.

See a list of our coalition members.

ProtectingAmerica.org's mission is to raise awareness, educate the public and policymakers, and offer solutions that will better prepare and protect America from major catastrophe in a sensible, cost-effective fashion. Please contact enews@protectingamerica.org if you have any questions or comments.