Amends and adds to existing law to establish a wildfire risk mitigation and stabilization pool, fund, and board.

The purpose of this legislation is to address the challenges consumers are facing in obtaining affordable property coverage due to potential wildfire risk. Insurers across the country are contracting or withdrawing from certain areas due to the risk of wildfire. Some states have seen a significant number of carriers leave the entire state. The issue is driven due to the number of forest fires, the high volume of properties damaged by wildfires in other states, the high cost of reinsurance to mitigate the risk and the inflationary cost to replace structures. As insurers contract, it causes market instability and consolidation risk. Other insurers are forced to reconsider their market share. Insurers who stay in the market face consolidation issues which could create solvency issues. The proposal aims to improve and stabilize the market through the creation of an Idaho Wildfire Risk Mitigation and Stabilization Pool and board. It is modeled after mitigation pools and programs in other states. It will provide grants to assist consumers in hardening their homes for the risk of fires, and also look for other ways to utilize the non-general fund sources to stabilize the property insurance market in Idaho.