Bipartisan senators seek study on wildfire insurance
Sens. Martin Heinrich (D-N.M.) and Tim Sheehy (R-Mont.) first shared with The Hill a draft of the Wildfire Insurance Coverage Study Act.
Their bill would require the U.S. Comptroller General to study the extent of growing U.S. wildfire risks and whether private companies have refused to issue new policies to homeowners because of those risks.
Climate change is worsening droughts and leads to more severe wildfires.
While this science has been politicized, dealing with wildfire damage can be an area of consensus. Still, it's not entirely clear if the bill will advance.
'I'm hearing from more and more New Mexicans who've seen their insurance premiums skyrocket, lost coverage entirely, or been priced out of protecting their homes. That is completely unacceptable,' Heinrich said in a written statement. 'We need a clearer picture of how worsening wildfires and climate risks are impacting insurance companies' decisions to raise insurance premiums.'
'One-third of America lives in wildfire-prone areas, and we must get our arms around this crisis, because if you can't get or afford homeowners' insurance, you can't finance your home, which means hardworking families can't achieve homeownership,' Sheehy said in a written statement.
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