Montana House panel backs interim study of rising property insurance rates via HJ 61

Representative Josh Seckinger, the bill sponsor, told the House Business and Labor Committee that House Joint Resolution 61 would create an interim study to "address one of the fastest growing threats to housing affordability in the state of Montana: property insurance rates." Seckinger said Montana has "the fifth fastest rising property insurance rates in the nation" and that premiums "have increased by 44% over the past 5 years," and he urged the committee to direct an interim panel to investigate causes and solutions.

Frank Cote, speaking for the Commissioner of Securities and Insurance, told lawmakers the auditor's office reviews homeowner rate filings and "I review every rate increase that is asked for that is over 10%." Cote said carriers are sometimes notifying the department and insureds when they choose not to renew in particular areas, and he recommended using the…