The reality is that we need to fix our home insurance system before it collapses. In states with high risk of catastrophic natural disasters, insurers are exiting the marketplace and leaving property owners to pay exorbitant premiums. We need to identify the challenges and build support for a range of policy changes to support homeowners and make sure the cost of insurance doesn’t price them out of their homes.

The three of us have had to deal with natural disaster-related issues in our home states of California, Florida and Louisiana, and we’ve piloted a raft of solutions to begin to address the issue.