Emergency Residential Property Insurance Assistance Trust Fund/Department of Financial Services

Summary

The bill establishes the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services, funded with $500 million from unallocated general revenue. Homeowners whose total annual household income does not exceed $250,000 and who cannot afford higher homeowners’ insurance rates would be eligible for assistance. The fund is intended as a temporary measure to support housing stability until permanent solutions are found.

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