In a letter to the Montana Economic Affairs Interim Committee, the Consumer Federation of America (CFA) urged the Committee to conduct a strong, comprehensive study of rising property insurance costs in Montana, the reasons for these rising costs, and possible solutions.

CFA called on legislators to give this study substantial resources and expertise, and that the study include information on all policies in the state’s property insurance market, not just insurance for single family homes. This information should include data on renters insurance, insurance for condominiums, and insurance for mobile and manufactured homes.

Additionally, the study should examine the causes of rising insurance costs and how these causes--including climate change--are contributing to higher premiums, reduced insurer participation, and non-renewals of policies. Finally, it should consider a range of options for addressing rising insurance premiums and reduced availability.