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 rate increases. The trust fund will consist of $500 million sourced from unallocated general revenue and is designed to assist homeowners with a total 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 re-created or terminated sooner. This provision ensures that the fund's effectiveness and necessity are evaluated before its scheduled termination. The act is set to take effect on July 1, 2025.