📋 Tender Overview
Washington -- U.S. Senators Martin Heinrich (D-N.M.) And Tim Sheehy (R-Mont.) Introduced The Wildfire Insurance Coverage Study Act, Legislation To Better Understand The Cost Of Increasingly Destructive Wildfires On Homeowners Insurance Coverage And Identify Possible Measures To Alleviate The Financial Risk Of Wildfires. IM Hearing From More And More New Mexicans WhoVe Seen Their Insurance Premiums Skyrocket, Lost Coverage Entirely, Or Been Priced Out Of Protecting Their Homes. That Is Completely Unacceptable, Said Heinrich. Families Deserve Fair, Transparent Coverage They Can Count On. We Need A Clearer Picture Of How Worsening Wildfires And Climate Risks Are Impacting Insurance Companies Decisions To Raise Insurance Premiums. Without Better Data, We CanT Push Back When Insurers Jack Up Rates Or Pull The Rug Out From Under Homeowners Altogether. In Addition To Destroying Livelihoods, Wildfires That Burn Down Communities Threaten Homeowners Access To Insurance Coverage, Lead To More Costly Premiums, And Make The American Dream Of Homeownership Less Attainable. One-Third Of America Lives In Wildfire-Prone Areas, And We Must Get Our Arms Around This Crisis, Because If You CanT Get Or Afford Homeowners Insurance, You CanT Finance Your Home, Which Means Hardworking Families CanT Achieve Homeownership. As We Overhaul The Federal Wildfire Apparatus To Reduce Catastrophic Wildfire Risk, Which Will Help Ease Pressure On Insurance Markets, IM Also Proud To Lead The Charge On This Bill To Ensure American Families Homes, Financial Futures, And Communities Are Protected From Wildfires, Said Sheehy. According To A 2023 , The Financial Risks Of Wildfires Are Difficult To Predict Because Fires Can Start For A Number Of Reasons And Because Their Risk To Peoples Homes At Any Given Time Is Based On A Complicated Combination Of Topography, Drought Conditions, Wind Patterns, Fuel Amounts, And The Location Of Houses Among Many Other Factors. This Has Led Many Or -- With Several Major Insurance Companies Declining To Provide Any Form Of Coverage. The Wildfire Insurance Coverage Study Act Will Help Gain A Clearer Understanding Of The Cost Associated With Living In Areas With Increasingly Intense And Longer Fire Seasons, Regardless Of The Fire Damages That Occur Over A Year. Specifically, The Wildfire Insurance Coverage Study Act Will Require A Federal Study To Assess The: Extent And Nature Of Growing Wildfire Risks In The United States; The Existing State Of Homeowners Insurance Coverage And Commercial Property Insurance Coverage For Damage From Wildfires In The United States; Extent To Which Private Insurers Have Refused To Renew New Policies Because Of Geographical Location; Responses Of States Insurance Regulatory Agencies To Increased Premiums And Exclusion Of Coverage; And Need For A National Wildfire Risk Map. The Wildfire Insurance Coverage Study Act Is Endorsed By Public Citizen And The National Association Of Counties (Naco). Full Text Of The Bill Is . ###
