Sponsors (2)
Orders a GAO study, with federal and state consultation, on wildfire risk and insurance market responses and requires a report to Congress within 12 months.
Official title: To require the Government Accountability Office to conduct a study regarding insurance coverage for damages from wildfires, and for other purposes.
Introduced January 16, 2025 by Maxine Waters · Last progress January 16, 2025
Requires the Government Accountability Office, with input from the Federal Insurance Office and state insurance regulators, to complete a comprehensive study of wildfire risk and how insurance markets have responded, and to deliver findings to Congress within 12 months. The study must analyze recent wildfire declaration trends, changes in homeowners and commercial wildfire insurance (rates, nonrenewals, exclusions, conditional coverage), state regulatory actions and reinsurance/residual market mechanisms, underwriting and correlated-risk challenges, effects on vulnerable communities and housing supply, and whether a national wildfire-risk map or other policy responses are needed if insurers exit markets.