The bill establishes the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services, aimed at providing financial assistance to homeowners facing difficulties in paying their homeowners' insurance due to rising rates. The trust fund will consist of $500 million from state reserves and will be available to homeowners with an annual household income not exceeding $250,000 before taxes. The Department of Financial Services will be responsible for administering the fund.

Additionally, the bill outlines that the trust fund will be subject to review and will be terminated on July 1, 2029, unless it is terminated sooner. This provision ensures that the fund is evaluated before its scheduled termination, allowing for potential re-creation if necessary. The act is set to take effect on July 1, 2025.