Wildfire Insurance Coverage Study Act of 2022

Wildfire Insurance Coverage Study Act of 2022

This bill requires studies and reports regarding wildfire risk and damage. Specifically, the Federal Emergency Management Agency must report on trends in wildfire declarations, mitigation practices, state and federal programs regarding wildfire risk, and the need for a national map of wildfire risks.

The Government Accountability Office must report on (1) the availability and cost of wildfire insurance coverage for homes and commercial property, (2) state regulatory responses to increasing costs of coverage, and (3) impediments to private wildfire insurance coverage.

Bill 117 hr 8483, also known as the Wildfire Insurance Coverage Study Act of 2022, is a piece of legislation introduced in the US Congress. The purpose of this bill is to conduct a study on the availability and affordability of wildfire insurance coverage in areas prone to wildfires.

The bill calls for the Government Accountability Office (GAO) to conduct the study and report its findings to Congress within one year of the bill's enactment. The study will examine the factors that contribute to the availability and affordability of wildfire insurance coverage, including the impact of climate change on wildfire risk, the role of insurance companies in underwriting policies, and the effectiveness of state and federal regulations in ensuring adequate coverage.

The goal of the study is to provide Congress with valuable information on the challenges faced by homeowners and businesses in obtaining wildfire insurance coverage, as well as potential solutions to improve access to affordable coverage. By understanding the factors that influence insurance availability and affordability, policymakers can work towards implementing policies that better protect individuals and communities at risk of wildfires. Overall, the Wildfire Insurance Coverage Study Act of 2022 aims to address the growing concern of wildfire risk and its impact on insurance coverage, providing valuable insights to inform future legislative action.