Bill > HJ61

This joint resolution requests the Legislative Council to designate an interim committee to conduct a comprehensive study on Montana's property insurance market, addressing the state's escalating insurance challenges. The resolution highlights significant concerns, including rapidly increasing insurance premiums (44.3% from 2019-2024), shrinking insurance coverage, rising home values, and high wildfire risks that are making property insurance increasingly unaffordable and inaccessible for Montanans. The interim committee will be tasked with evaluating the root causes of increasing property insurance costs, determining the impact of these causes on insurance rates, and analyzing potential policy strategies to stabilize the property insurance market and develop more accessible and affordable insurance approaches. The study must be completed before September 15, 2026, with final results and recommendations to be reported to the 70th Legislature, addressing critical issues such as the disproportionate impact on minority populations, the challenges faced by homeowners in high-risk wildfire areas, and the broader economic implications of the current insurance market conditions.

Business and Industry

https://bills.legmt.gov/#/laws/bill/2/LC3987