To help fill the gap between insurance deductibles and other recovery funds.
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Sen. Jim Inhofe (R-Okla.) and Rep. Dennis Ross (R-Fla.) have introduced The Disaster Savings Accounts (DSA) Act of 2014 in their respective chambers. The DSA Act would establish a new tax-preferred savings account that homeowners can use specifically for the purpose of natural disaster mitigation and recovery.
The legislation would give homeowners the opportunity to contribute up to $5,000 a year to a tax-deductible savings account, with unused funds rolling over each year. The savings can be used to pay for home fortifications such as a safe room, wind resistant windows and doors, or elevating structures; or for recovery expenses to help fill the gap between insurance deductibles and other recovery funds. In the case of accessing the Disaster Savings Account funds for recovery expenses, the event must be a state or federally declared disaster with uninsured losses totaling at least $3,000.