NEW MERKLEY BILL TACKLES DUAL CRISES OF WILDFIRE RISK AND INSURANCE AFFORDABILITY

The following information was released by Oregon Senator Jeff Merkley:

Oregon's U.S. Senator Jeff Merkley today unveiled the Wildfire Insurance Affordability Act, new legislation that would help homeowners reduce wildfire risk, give insurers confidence in lowering home insurance rates in communities at risk of fires, and keep insurers in the market.

The Wildfire Insurance Affordability Act's two new programs would work hand-in-hand to reduce wildfire risk around homes in fire-prone areas and to help make home insurance more affordable for low-income homeowners:

Wildfire Risk Reduction Grant Program: This program would provide grants to states to set up or support home hardening and defensible space programs for individual households.

Homeowner's Wildfire Insurance Premium Assistance Voucher Pilot Program: This pilot program would provide funds to state insurance commissioners to give vouchers that reduce the cost of home insurance for low-income homeowners who have completed home hardening and defensible space work at their residence.

Homes that have taken steps to harden and improve defensible space can see a 52 percent reduction in structural losses. This would also aid those in need, as home insurance is gettingless affordable in areas that are prone to wildfire and other disasters.Households that are impacted by extreme weather events like wildfires are even seeing their premiums increase 8.7 percent faster than the rate of inflation and are experiencing higher instances of nonrenewal.

Merkley has been a long-time leader in the fight to prepare for and mitigate the worst impacts of wildfires. Heleadsa series of bipartisan bills tosupport mills processing hazardous fuels coming off public lands,train the new generation of wildland firefighters,aid toxic debris cleanup following wildfires,andpromote collaborative forest management.

The Wildfire Insurance Affordability Act is endorsed bythe American Property Casualty Insurance Association (APCIA), Insurance Institute for Business and Home Safety (IBHS), After the Fire USA, Megafire Action, Oregon Department of Forestry, Oregon State Fire Marshal, and Oregon Department of Consumer and Business Services.