Bills seek to address growing issue of home insurance cancellations over wildfire risk

Nevada lawmakers are addressing the rising issue of home insurance cancellations due to wildfire risk, with Assembly Bill 437 proposing a state-managed FAIR Plan for homeowners unable to secure coverage. This plan would require homeowners to be denied by three insurers and undergo wildfire risk assessments. Concurrently, Assembly Bill 376 aims to create a regulatory sandbox for insurance companies to innovate new products. Both bills reflect the urgent need for solutions as cancellations surged by 82% in 2023, highlighting the growing wildfire threat in the state.