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 oversee the administration of 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 re-created or terminated sooner. This provision ensures that the fund is evaluated for its effectiveness before its scheduled end date. The act is set to take effect on July 1, 2025.