Idaho’s property insurance market will be the focus of a new legislative committee, following a resolution introduced Thursday. The move comes in response to the destructive 2024 wildfire season.
The House concurrent resolution is expected to be available on the Legislature’s website soon. It cites the economic impact of the recent wildfires as a key driver for the study.
Idaho Department of Insurance Director Dean Cameron presented the resolution to the House Health and Welfare Committee, highlighting the challenges within the market. He stated that 22 out of Idaho’s 91 property insurance carriers have requested to cease offering property insurance.
Cameron told the committee the legislative committee would give Idaho homeowners a platform to voice their concerns about losing property insurance or experiencing significant rate increases. “These aren’t just homeowners that live in rural Idaho… but they’re residents all over the state. Insurance rates are going up by nearly 30% on average this year for property insurance,” Cameron, a former state lawmaker, explained.
The resolution’s introduction sets the stage for a full committee hearing which will allow for public testimony before it is considered by the full House and Senate. The resolution is likely to be considered by the House Business Committee.
In January, another bill, the “Idaho Wildfire Risk Mitigation and Stabilization Pool Act,” or House Bill 17, was introduced with goals to help homeowners, lower insurance rates, and attract insurance companies. However, it has not yet progressed past the House Business Committee, as the Idaho Capital Sun previously reported. Cameron also noted that another piece of draft legislation is scheduled to be introduced Friday.
