Bill > SB739

This bill mandates that the University System of Maryland conduct a comprehensive study to examine the connections between climate change, the availability and cost of homeowner's insurance, and how well communities are prepared for emergencies and disasters. This study will be conducted with input from various state agencies, including the Maryland Department of Emergency Management and the Maryland Insurance Administration, as well as representatives from county and municipal emergency management and insurance agents. The research will specifically look into how climate change affects insurance costs and availability, the impact of federal disaster preparedness policies, how federal funding supports emergency management, and what local funds are available for disaster recovery. By July 1, 2027, the University System must report its findings and recommendations to the General Assembly, which will include an overview of the National Flood Insurance Program and private flood insurance markets, and propose actions such as tax credits or grants to encourage homeowners to make their homes more resilient to extreme weather, potential changes to insurance laws to reward policyholders who invest in resilience, and best practices for funding emergency management. The study will be funded by up to $100,000 from the Strategic Energy Investment Fund.