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 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 a review before its scheduled termination on July 1, 2029, as stipulated in the State Constitution. The intent of the Legislature is to offer temporary financial support to homeowners until more permanent solutions are implemented to help them retain their homes. The act is set to take effect on July 1, 2025.