Wildfire Insurance Study: Analyzing Rising Costs and Policy Cancellations
This Act mandates the Government Accountability Office (GAO) to conduct a comprehensive study on homeowners' and commercial property insurance coverage for wildfire damage. The goal is to understand the trends behind rising premiums and policy non-renewals in high-risk areas, and to assess the effectiveness of state regulatory responses. The findings will inform future federal policies aimed at ensuring affordable and available insurance for citizens.
Key points
The study will analyze the extent of premium increases and policy non-renewals over the last 10 years, identifying the most affected geographic areas.
It will evaluate state actions, such as rate regulation and the creation of state-backed insurance programs, to determine their sustainability and impact on the market.
The report will identify challenges faced by private insurers and propose federal and state solutions to mitigate wildfire risk and reduce costs for property owners.
Expired
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