Bill > HB1219

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 the state's readiness for emergencies and disasters. This study will be conducted in collaboration with various state agencies, including the Department of Natural Resources, Department of the Environment, Maryland Department of Emergency Management, and the Maryland Insurance Administration, as well as representatives from the Senate, House of Delegates, county and municipal emergency managers, and the Independent Insurance Agents of Maryland. The research will assess how climate change impacts insurance availability and pricing, analyze the effects of federal disaster preparedness policies and funding, evaluate how federal funds have bolstered emergency management capabilities as defined by the Federal Emergency Management Agency (FEMA), and identify existing local resources for disaster recovery. By July 1, 2027, the University System of Maryland must present its findings and recommendations to the General Assembly. This report will include an overview of the National Flood Insurance Program and the private flood insurance market, and propose strategies for the state to encourage residents to invest in home protection against extreme weather through incentives like tax credits, waivers, grants, or loans. It will also suggest potential changes to insurance laws to better reward homeowners who have made resilience-enhancing improvements or live in areas with improved infrastructure, and explore best practices for funding emergency management, including dedicated funding mechanisms and allocation ratios for programs and disaster relief. Up to $100,000 from the Strategic Energy Investment Fund is authorized to support this study.