Two senior Senate Democrats will hold a forum Tuesday on the impacts of climate change on property insurance rates, at the same time Republicans are holding a related hearing.
Environment and Public Works ranking member Sheldon Whitehouse (D-R.I.) and Finance ranking member Ron Wyden (D-Ore.) will question homeowners, a Florida mayor and an expert on insurance issues.
Their event is intended to “expose how inaction on climate change is creating an insurance crisis that risks cascading into an economy-wide shock,” according to a release.
“Climate risk — whether from floods, wildfires, or extreme weather — is increasing nationwide, and it is both driving up homeowners’ insurance premiums and making it harder to obtain coverage. Without access to insurance, more and more Americans will be unable to secure a 30-year mortgage for a home, which will undermine property values,” the release said.
