Ranking Member Maxine Waters, Congressman Brad Sherman Reintroduce Wildfire Insurance Study Bill Amid Ongoing Los Angeles Wildfires
Washington, DC,
January 16, 2025
As wildfires continue to spread across Los Angeles County, today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee and Congressman Brad Sherman (D-CA), reintroduced the Wildfire Insurance Coverage Study Act. This bill, which passed the Committee with overwhelming bipartisan support last Congress, would require the Government Accountability Office (GAO) to conduct a study assessing the danger that wildfires increasingly pose to communities and how the market for homeowners' insurance is responding to this growing threat. “We are witnessing firsthand the destructive and unpredictable impact of climate change as Los Angeles County faces the worst wildfires in its history. For more than a week, wildfires in the Pacific Palisades, Malibu, Altadena, Pasadena, Sylmar, the San Fernando Valley, and other communities have destroyed thousands of homes and businesses, displacing families and leaving entire communities in distress,” said Congresswoman Waters. “To make matters worse, over the years we’ve watched insurance companies raise premiums, reduce coverage, and abandon wildfire coverage in high-risk areas altogether. This leaves families and businesses throughout the State of California without the resources they need to recover. That’s why I’ve reintroduced the Wildfire Insurance Coverage Study Act. While insurance is a state-regulated industry, my bill will help Congress and the federal government better understand what federal tools are available to respond to the risks posed by wildfires, how insurance companies are responding, whether homeowners and homebuyers can affordably purchase coverage for these risks, and how wildfires are affecting local communities and the housing supply. Whether it’s Los Angeles, Idaho or the Texas Panhandle, our communities cannot wait any longer. Last Congress, this bill passed out of Committee with overwhelming bipartisan support but was unfortunately pulled from the House floor by Speaker Johnson. I urge the Speaker to immediately bring this piece of legislation to the floor so Congress can get this bill to the President’s desk without delay.” Specifically, the Wildfire Insurance Coverage Study Act will direct the GAO to study:
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