The INSURE Act creates a federal backup insurance system to help property insurance companies cover catastrophic disasters. Here's what it does: The U.S. Treasury would establish a reinsurance program—essentially insurance for insurance companies—that kicks in when disasters like hurricanes, wildfires, floods, and severe storms cause massive losses. Insurance companies that want to participate must offer comprehensive coverage for these disasters and work with customers on loss prevention (like helping them make homes more storm-resistant). Starting in 4 years, the program would begin covering wind and hurricane damage, then gradually add severe storms and wildfires in year 5, floods in year 6, and potentially earthquakes by year 8. Participating insurance companies pay quarterly premiums into a federal fund, with rates based on their expected losses and the program's administrative costs. When a disaster hits and an insurer's losses exceed a certain threshold, the federal fund pays the difference. If the fund runs low, the Treasury can issue government bonds to cover claims. The bill also creates an advisory committee with representatives from consumer groups, insurance companies, state regulators, and federal agencies to oversee the program. Additionally, it establishes a pilot program allowing insurance companies to offer 5-year policies where premiums can only increase based on construction costs and home values—not because the insurer thinks disaster risk has increased. The goal is to make property insurance more stable and affordable, especially in disaster-prone areas, while encouraging people to invest in making their properties safer.