A bill meant to help homeowners after catastrophic wildfire loss was approved by the Oregon Senate on Tuesday.
The measure would establish several requirements for an insurance company before it can cancel a policy or increase premiums for reasons related to wildfire risk.
According to State Insurance Commissioner Andrew Stolfi, Oregon wildfire “losses” since 2020 are at nearly $3 billion.
“So, it doesn’t come as a surprise that the large wildfire losses that we’ve seen across the west have influenced insurers decision making. These losses have also influenced our actions and your actions. Over the last few years, a lot of resources have been dedicated at the state, local and property owner levels to reduce or mitigate wildfire risk,” said Stolfi.
Senate Bill 82 also prohibits an insurance company from using the statewide wildfire risk map as a basis for increasing premiums or cancelling insurance policies.
Additionally, the legislation would require insurers to recognize - in both underwriting and rating - efforts that homeowners and their communities are taking to mitigate wildfire risk.
The measure now heads to the Oregon House.
