Bill · H.R. 550· House(119-HR-550)
Wildfire Insurance Coverage Study Act of 2025
- Introduced
- 1/16/2025
- Last activity
- 1/16/2025 — Referred to the House Committee on Financial Services.
- Sponsored by
- Maxine Waters
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "Wildfire Insurance Coverage Study Act of 2025," directs the Government Accountability Office to conduct a comprehensive study on wildfire insurance coverage. The study aims to analyze wildfire risks, including trends in disaster declarations and the effectiveness of current mitigation and forecasting programs. It also examines how private insurers have adjusted rates or declined to renew policies over the last ten years. Additionally, the study looks at how state regulatory responses have impacted coverage availability and affordability. Finally, it investigates the specific challenges insurers face when underwriting wildfire risk and the potential effects of different policy responses. A report containing these findings must be submitted to Congress within 12 months of the Act's enactment.
Yes· 3 of 13
Would households on low incomes be better off under this?+1
The study investigates potential means-tested government programs to offset premium costs for lower-income homeowners.
Would middle-income households be better off under this?+1
The study examines insurance affordability which impacts middle-income property owners.
Would business owners be better off under this?+1
The study assesses the impacts of insurance availability on small businesses.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Risk Reduction through Mitigation: The study seeks to identify mitigation practices that could assist in reducing costs and risks for insurance policies (Section 2(a)(1)(B)).
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Improved Risk Assessment: The study explores the need for a national map for measuring and quantifying wildfire risk to better understand the threat (Section 2(a)(1)(D)).
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Evaluation of Affordability Programs: The study investigates the effects of potential government responses, such as means-tested affordability programs meant to help lower-income homeowners offset high premiums (Section 2(a)(4)(F)(i)).
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Assessment of State Protections: The study examines how state actions, such as those involving residual market insurance entities or reinsurance programs, impact the availability and affordability of coverage (Section 2(a)(3)(D)).
Potential Negative Impacts for People
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Threat to Insurer Solvency: The study acknowledges that large wildfire losses could potentially jeopardize the solvency of insurance companies (Section 2(a)(4)(D)).
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Financial Burdens on Consumers: The study identifies that risk-adjusted market premiums may limit the affordability or availability of coverage for consumers (Section 2(a)(4)(E)).
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Impact on Vulnerable Communities: The study looks into how the availability and cost of wildfire coverage affects local communities that are disproportionately vulnerable, specifically mentioning low- or moderate-income property owners and small businesses (Section 2(a)(4)(H)(i)).
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Risks from Housing Trends: There is a noted effect where the need for affordable housing may lead to increased building in remote, heavily-wooded areas that carry higher wildfire risks (Section 2(a)(4)(C)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+1Good For Low Income Households+1Good For Middle Class Households+1Good For Rural Residents+1Good For Urban Residents+1
- Economy And Finance
- Improves Economic Growth+1Improves Small Business Support+1
- Environment Energy And Infrastructure
- Improves Environmental Protections+1Improves Public Land Management+1
- Governance And Ideology
- Improves Government Transparency+1Increase States Rights+1
- Social Issues And Justice
- Improves Affordable Housing+1Improves Poverty Reduction+1
- 1/16/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Brad ShermanDemocrat · California