Whatever the reason for increased storm activity, Rep. Thompson said that “a better way exists, however, and that way is prevention.” Homeowners can take many actions to help prevent damage, he noted, by “hardening” their homes and other structures, elevating their electrical structure, or even creating a “safe room” within their homes.

“Although the challenge to rebuild in the aftermath of a natural disaster remains, there must be legislation in place to assist homeowners and businesses that are located in areas that are at risk and subject to repeated hazards or natural disasters,” Rep. Thompson said.

The bill has been referred to the House committee on Transportation and Infrastructure, which has not scheduled any action on the bill but will be holding a hearing on Post-Katrina recovery later this month. Rep. Thompson does not sit on the Transportation and Infrastructure Committee, but a fellow member of the Mississippi delegation, Rep. Gene Taylor, D-Miss., is a member of the panel.

A Senate bill that would also create a mitigation loan program was introduced last November by Sen. Chris Dodd, D-Conn., and is currently awaiting action by the Senate Committee on Homeland Security and Governmental Affairs.

For their part, insurance industry groups offered strong support for the measure. A joint statement by the Reinsurance Association of America, American Insurance Association, Property Casualty Insurers Association of America, National Association of Mutual Insurance Companies, and the Association of Bermuda Insurers and Reinsurers commended Rep. Thompson for drafting the bill and making a “priority” of natural disaster mitigation.

“By focusing on 'storm proofing' homes and buildings, government resources can be used for an absolute priority–saving lives and protecting families and their homes,” the groups said.

Evidence shows that “storm proofing” ahead of an event can reduce damages dramatically, according to the industry groups.

Citing a 2004 study by the Institute for Business and Home Safety, the trade organizations said the stronger building code implemented in Florida after 1992's Hurricane Andrew reduced the number of property damage claims by 60 percent and losses by 42 percent.

An analysis by Risk Management Solutions conducted in February found that if every home in Florida were built to the stronger building code, the state's annual expected losses would fall to less than one-fifth their current amount–from $5.5 billion to $1 billion–and other estimates have shown the potential for significant reductions to expected losses in other states along the coast, according to the industry groups.

“Storm proofing homes and buildings helps protect lives, reduce property damage and generally lessen the amount of disruption in the wake of a natural catastrophe,” the groups said. “Government assistance to promote storm proofing is a win-win for everyone.”