A program that would allow homeowners to set aside money tax-free in anticipation of catastrophe damage was introduced last month by Rep. Tom Feeney (R-Fla.).
Structured in the same manner as health savings accounts, a catastrophe tax-free savings account could be opened to cover current and future catastrophe-related expenses. The earnings from the money deposited would be tax-free and unused balances would roll over from year to year.
Homeowners with deductibles of $1,000 or less could contribute and hold up to $2,000 in their CSA. For homeowners with deductibles higher than $1,000, the cap would be twice the amount of the individual's deductible, up to $15,000.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
