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Congress considering a "beachhouse bailout"?

South Florida Democrat Ron Klein's legislation to create a national catastrophe insurance fund gets a hearing Wednesday in the House amid criticism that it amounts to a "massive federal bailout for beach houses."

Though popular with Florida homeowners paying high insurance rates, SmarterSafer.org, a group that includes insurance companies and environmental groups, says in a letter to lawmakers that the bill would "cost taxpayers billions of dollars, discourage the insurance and reinsurance private market and result in incentives to build in unsafe and environmentally fragile areas."


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