Bill > SB739

This bill requires the University System of Maryland to conduct a comprehensive study, in collaboration with various state agencies and representatives from local emergency management and the insurance industry, to examine the complex relationship between climate change, the availability and cost of homeowner's insurance, and emergency preparedness. The study will investigate how climate change impacts insurance costs and availability, analyze the effects of federal disaster preparedness policies and funding, and assess existing local disaster recovery resources. By July 1, 2027, the University System must report its findings and recommendations to the General Assembly, including an overview of the National Flood Insurance Program and the private flood insurance market, and propose actions to mitigate climate change risks and improve insurer responsiveness, such as incentives for homeowners to make resilience improvements, potential modifications to insurance laws to reward policyholders who have invested in risk reduction, and best practices for funding emergency management. Up to $100,000 from the Strategic Energy Investment Fund is authorized to support this study, which is set to take effect on June 1, 2026.