To establish a program to provide reinsurance for State natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, and to better assist in the financial recovery from such catastrophes.


Homeowners Insurance Protection Act of 2007 - Instructs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding estimated loss costs associated with contracts for reinsurance coverage.

Authorizes the Secretary to make homeowners protection coverage available through contracts for reinsurance coverage. Restricts purchase of such coverage to eligible state programs. Prescribes criteria for state eligibility.

Requires each contract for reinsurance coverage to provide insurance coverage against residential property losses to homes, including condominium and cooperative ownership, and the contents of apartment buildings. Cites covered perils.

Prescribes a minimum level of retained losses and maximum federal liability.

Authorizes any insurer who participates in an eligible state program to establish a Catastrophe Capital Reserve Fund to hold funds on the Secretary's behalf to offset reinsurance claims.

Establishes the Consumer Hurricane, Earthquake, Loss Protection (HELP) Fund to: (1) make payments to covered purchasers under contracts for reinsurance coverage for eligible losses; and (2) pay for Commission operating costs and reinsurance program administrative expenses.

Directs the Comptroller General to study the national flood insurance program and hurricane-related flooding.

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