Washington, Jul 3, 2007 - In 2004, three major hurricanes -- Charley, Frances and Jeanne -- came to Florida's shores.  Charley brought a 7-foot storm surge, produced 16 tornadoes and left damage estimated to be near $15 billion, making it the third-costliest hurricane in U.S. history.

Frances produced a storm surge of nearly 6 feet, 18 inches of rainfall and led to over 100 tornadoes and nearly $8.9 billion in damage.

Jeanne came just 3 weeks later and left damage estimated to be near $6.9 billion.
In 2005, Katrina made history by being one of the most devastating hurricanes ever to hit the United States.
That storm produced catastrophic damage -- estimated at $75 billion in the New Orleans area, along the Mississippi coast and in Miami and Broward counties -- and is the costliest U.S. hurricane on record.

Those two years of devastating storms also wreaked havoc another way. They brought unparalleled disruption to the homeowner insurance market. With each passing day, one thing is clear:
Florida families need relief.

To this end, U.S. Rep. Robert Wexler, D-Boca Raton, and I have introduced the Affordable Homeowners Insurance Act of 2007, a bipartisan proposal similar to an approach taken by Congress following Katrina.
If approved by Congress, our bill will give millions of Floridians the option of choosing a more affordable homeowners insurance policy.

Like the Katrina relief bill, our bill permits individuals to withdraw money from their retirement accounts, penalty-free, to pay for repairs not covered by their homeowners insurance.

Not only will that money avoid the 10 percent early withdrawal penalty from retirement accounts, homeowners will be able to pay the income tax owed on the withdrawal over a three-year period, reducing the financial impact of the withdrawal.

This approach helped tens of thousands of Louisiana and Mississippi residents recover from Katrina.
Consider just a few of the potential benefits to Florida's homeowners:
--- Homeowners who have difficulty affording recently increased insurance premiums could opt for a higher deductible knowing that, if necessary, they could tap into their retirement account to cover home repair expenses.

--- In the confusion that often plagues the recovery from a natural disaster, homeowners would not have to wait around to settle all issues with their insurance company before beginning repairs to their home.
In the interim, they could withdraw retirement funds and repay those funds back into their retirement account when a final settlement has been reached.

--- Putting more financial options in the hands of homeowners would likely produce a downward pressure on the insurance market, resulting in lower premium costs and more competition.
Last year, we got a sorely needed break from hurricane activity. But Florida's homeowners remain vulnerable as the 2007 hurricane season begins.

The good news is that our bill has widespread appeal. Millions of Americans nationwide are vulnerable to the devastation of natural disasters, and all those impacted who have retirement accounts would benefit under our proposal.

As Florida homeowners ourselves, we understand that relief is needed now. With the help of the members of the Florida delegation, we will work to pass the Homeowners Insurance Affordability Act in the months ahead.

Weldon, R-Indialantic, represents Florida's 15th District in Congress, which includes Brevard County. This article was co-written by U.S. Rep. Robert Wexler, D-Boca Raton.