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Ron Klein's office: It's the "anti-bailout"

The South Florida Democrat takes note of criticism that his insurance bill is a "bailout for beach houses."

"The Homeowners’ Defense act is the anti-bailout," says Klein spokeswoman Melissa Silverman. "This bill will bring down the cost of homeowners’ insurance for hard-working, middle class families and protect taxpayers all across the country. This innovative solution helps states plan ahead responsibly, so that when disaster strikes, taxpayers in all 50 states aren’t stuck with the bill like they were after Hurricane Katrina, a storm that cost the average family over $800 each to clean up. Big offshore insurance companies may be willing to say anything to protect their profits, but the real fact is that Congressman Klein’s legislation puts an end to the current system of bailouts with a private market solution to bring down costs."

The bill will get a hearing tomorrow.