Disaster Insurance Risk Equality Act This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to establish the National Disaster Insurance Corporation, which shall establish and carry out an insurance program to provide coverage to states against certain losses and costs arising from disasters. The program must be funded solely by state premiums and payments and operated on an actuarially sound basis. The corporation shall: (1) adjust and pay all claims for proved and approved losses and costs covered by insurance, and (2) establish and manage a reserve account for the operation of the insurance program. The bill establishes a Disaster Insurance Advisory Commission to assist the corporation in establishing the terms and conditions of the insurance program and to review the annual state premium charges. The bill conditions assistance on a state agreeing to reimburse the United States for disaster-related expenses, including temporary housing assistance, crisis counseling assistance and training, emergency public transportation, and fire suppression. The President may lend or advance to a state assistance for damages caused by a major disaster if the President determines that such damages are so overwhelming and severe that the state is unable to accept immediate financial responsibility for them and that the state has the ability to repay any such loans or advances. The Department of Transportation shall withhold 10% of the amount required to be apportioned to a state under federal-aid highway provisions if the state is not is a participant in the corporation. Emergency relief for repair of highways may only be provided to a state that agrees to reimburse the United States for all expenses incurred in providing such assistance.