RENO, NV – U.S. Senator Jacky Rosen (D-NV) sent a letter calling on Federal Insurance Office Director Steven E. Seitz to address the impact of rising costs and decreased availability of insurance for homeowners in northern Nevada. As costs associated with wildfires have skyrocketed, insurers are raising premiums on homeowners or dropping coverage in fire-prone areas altogether. This has led to an increase in costs for hardworking Nevadans.
“As the Senator for a wildfire-prone Western state, I am deeply concerned that my constituents, who are the most vulnerable to these types of natural disasters, are being left behind,” wrote Senator Rosen. “Without access to affordable insurance products – or insurance products altogether – the most at-risk homeowners are left with sky-high insurance premiums, insufficient coverage, or no protection at all.”
“As wildfire seasons become lengthier and more unstable, it is critical that Nevada homeowners have access to the affordable insurance coverage they need to protect their financial future and stay in their communities,” she continued. “While recent initiatives – such as FIO’s plan to collect data on climate risks more broadly– are a step in the right direction, more must be done to better understand the link between wildfires and rising insurance premiums so that policymakers, agencies, and stakeholders can take action to lower costs and increase coverage options.”
The full text of the letter can be found HERE.
Senator Rosen has been leading efforts to lower costs for hardworking Nevada homeowners. She recently joined her colleagues in calling on the Federal Reserve to cut federal interest rates as a way to lower the costs of rent, mortgages, and housing construction. Senator Rosen sent a similar letter earlier this year urging the Federal Reserve to cut interest rates to help lower mortgage costs. She has also introduced the Housing Oversight and Mitigating Exploitation (HOME) Act to crack down on housing price gouging by corporate investors driving up home prices by buying up housing stock.
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