Bill > S2430

This bill requires the Comptroller General (the head of the Government Accountability Office or GAO) to conduct a comprehensive study on wildfire insurance coverage in the United States. The study will examine multiple aspects of wildfire risk and insurance, including identifying trends in wildfire disasters, assessing current mitigation practices, and analyzing existing government programs for measuring wildfire risk. The research will investigate how private insurers have responded to increasing wildfire risks over the past decade, such as adjusting insurance rates, declining to renew policies, and potentially excluding wildfire coverage in certain geographic areas. The study will also explore state-level regulatory responses to these insurance challenges, including how states have used their authority to regulate rate increases, establish insurance entities, and support affordable coverage. Additionally, the bill will investigate the broader challenges of underwriting wildfire risk, such as correlated risks, the potential impact on housing affordability, the possibility of insurers becoming insolvent, and the effects on vulnerable communities. The Comptroller General is required to submit a detailed report to Congress within one year of the act's enactment, providing comprehensive findings and conclusions about the current state of wildfire insurance coverage in the United States.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2430/all-info