Lawmaker introduces two bills aimed at solving urgent crisis costing homeowners money: 'There is no silver bullet'

Coastal Massachusetts has seen a notable increase in flooding due to rising sea levels and increasingly extreme weather in recent years. This impact of our changing climate has wreaked havoc on the local insurance market. Fortunately, Massachusetts State Sen. Julian Cyr is looking to address that with the help of two recently filed bills.

The bills aim to expand flood insurance coverage and provide opportunities for homeowners to fortify their homes against natural disasters. Ultimately, the hope is that achieving these goals will create stronger competition in the insurance market, knocking down rates and improving coverage.

Increased flooding and more frequent storms have caused Massachusetts homeowners' insurance prices and nonrenewal rates to spike dramatically. This is especially true in coastal areas such as Cape Cod, Martha's Vineyard, and Nantucket. Insurance companies are becoming less willing to cover homes in areas prone to flooding.

The first of Sen. Cyr's bills looks to address this issue by requiring insurers to cover these homes and prohibiting them from denying coverage based on increased flood risk. Theoretically, this should expand the insurance market, not only opening more options to homeowners but also driving down prices.

The second bill seeks to alleviate the burden these new requirements place on insurers and provide relief to homeowners living in flood zones. It will do this by offering grants to homeowners looking to fortify their homes against increasingly extreme weather.

This sort of legislation is crucial for addressing our changing environment. We may not be able to stop extreme weather in its tracks, but we can adapt to it while we seek larger solutions. Protecting homes and the people who live in them is a perfect example of adaptation.

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While these bills seem to be on the right track toward improving flood insurance coverage, some believe it's only the first step on a long and uncertain path.

"Bills like those are good conversation starters, but at the end of the day here, there is no silver bullet," Frank O'Brien, general counsel for the Fair Access to Insurance Requirements Plan, said. "There is no magic answer. There are a lot of hard questions and hard decisions that need to be made."

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