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Committee introduces wildfire insurance RS proposing mitigation grants and market stabilization tools
Summary
RS 31831, presented by the Department of Insurance, would create a board and a mitigation/stabilization pool funded by premium‑tax growth, residual stamping fees, a small cigarette‑tax balance and other sources to help homeowners harden properties and stabilize the homeowners insurance market; the committee introduced the RS after extensive Q&A.
The House Business Committee on Wednesday introduced RS 31831, a Department of Insurance‑backed initiative to address rising homeowners insurance costs tied to wildfires and a tightening market.
Dean Cameron, director of the Idaho Department of Insurance, summarized the RS, saying Idaho had a severe wildfire year and the insurance market is contracting in many Western states. “We started working on this a couple of years ago when we started seeing the insurance market tightening up,” Cameron said. He told the committee Idaho “burned nearly 1,000,000 acres of wildfires” during the most recent season and that communities saw property loss: “we lost significant numbers of property … 140 some structures … 41 of them were residences,” language…
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