Florida's insurance market is gravely stressed by climate risks, leading to insurer insolvencies, major insurers leaving the state, and homeowners facing increasingly high premiums, now averaging $14,000 annually. The resolution highlights concerns that the United States housing market increasingly depends on the credibility of financial strength ratings for mortgage eligibility, particularly regarding Demotech, an insurance rating agency. Demotech rates 98 percent of insurers "A" or above, despite those insurers being 30 times more likely to become insolvent than those rated by rival companies. The Senate calls on Fannie Mae and Freddie Mac to scrutinize Demotech's rating practices . Additionally, it urges the Treasury Department's insurance office to examine the probability that state-backed insurers of last resort, including Florida's, may require a Federal bailout .