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Wildfire Insurance Coverage Study Act of 2025
2/14/2025, 11:08 AM
Summary of Bill HR 550
Bill 119 HR 550, also known as the "Wildfire Insurance Study Act," is a proposed piece of legislation that aims to address the issue of insurance coverage for damages caused by wildfires. The bill specifically mandates the Government Accountability Office (GAO) to conduct a comprehensive study on the current state of insurance coverage for wildfire damages.
The study would include an analysis of the availability and affordability of insurance policies that cover damages from wildfires, as well as an examination of any existing gaps in coverage. The GAO would also be required to assess the impact of wildfires on insurance premiums and the overall insurance market.
In addition to studying insurance coverage for wildfire damages, the bill also includes provisions for the GAO to make recommendations for improving insurance options for individuals and communities affected by wildfires. This could include suggestions for policy changes or regulatory reforms to ensure that individuals have adequate coverage in the event of a wildfire. Overall, Bill 119 HR 550 seeks to provide valuable insights into the current state of insurance coverage for wildfire damages and to identify potential areas for improvement. By conducting this study, lawmakers hope to better understand the challenges faced by individuals and communities affected by wildfires and to develop solutions to address these issues.
The study would include an analysis of the availability and affordability of insurance policies that cover damages from wildfires, as well as an examination of any existing gaps in coverage. The GAO would also be required to assess the impact of wildfires on insurance premiums and the overall insurance market.
In addition to studying insurance coverage for wildfire damages, the bill also includes provisions for the GAO to make recommendations for improving insurance options for individuals and communities affected by wildfires. This could include suggestions for policy changes or regulatory reforms to ensure that individuals have adequate coverage in the event of a wildfire. Overall, Bill 119 HR 550 seeks to provide valuable insights into the current state of insurance coverage for wildfire damages and to identify potential areas for improvement. By conducting this study, lawmakers hope to better understand the challenges faced by individuals and communities affected by wildfires and to develop solutions to address these issues.
Congressional Summary of HR 550
Wildfire Insurance Coverage Study Act of 2025
This bill requires reports regarding wildfire risk and damage. Specifically, the Government Accountability Office (GAO) 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 GAO must also 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.
Current Status of Bill HR 550
Bill HR 550 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 550 was introduced during Congress 119 and was introduced to the House on January 16, 2025. Bill HR 550's most recent activity was Referred to the House Committee on Financial Services. as of January 16, 2025
Bipartisan Support of Bill HR 550
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 550
Primary Policy Focus
Comments
Sponsors and Cosponsors of HR 550
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