Latest Releases
U.S. Senator Tina Smith Releases New Report on Solutions to the Home Insurance Crisis
WASHINGTON – Today, U.S. Senator Tina Smith (D-MN), the lead Democrat on the Senate Housing Subcommittee, released a new report, Bold Solutions to the Home Insurance Crisis. It examines the nationwide crisis of rising home insurance costs, the role of climate-change-driven extreme weather events, and policy solutions that would tackle this affordability crisis. Across the country, Americans are increasingly facing unaffordable home insurance bills or aren’t able to access coverage at all. Insurers have significantly increased their rates, pushing up home insurance premiums an average of 45% since 2019. Sixteen years ago, home insurance was much more affordable and cost only 5% of the typical monthly mortgage payment. But these costs have now more than doubled to more than 10% of a typical mortgage payment, even as mortgage costs have also surged. Former Federal Reserve Chair Jerome Powell emphasized the risk we face in response to Sen. Smith’s questioning during a Senate Banking Committee hearing, saying that “If you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage” due to insurance companies pulling out of high-risk areas. Minnesotans have been particularly hit hard by rate increases. Last year, Minnesota home insurance rates increased 34%, which was the largest increase of any state, according to reports. These problems, Sen. Smith argues, are driven by the growing strength and severity of disasters due to climate change and an insurance industry motivated more by profits than protecting its customers. To address the problem, Sen. Smith lays out more than two dozen policy options that Washington can consider, ranging from those that lower physical risks for homeowners and communities, to wholesale alternatives to our current, private home insurance system. You can read the full report HERE: · Senator Smith’s opening letter here · An executive summary here “Owning a home has always been part of the American dream. But for too many families today, that dream feels further out of reach than ever before. Without affordable insurance, mortgages may become harder to get, home values
U.S. Senators Tina Smith, Dave McCormick, Ruben Gallego and Thom Tillis Introduce Bipartisan Legislation to Extend the Terrorism Risk Insurance Program for Seven Years
WASHINGTON, DC – Today, U.S. Senators Tina Smith (D-MN), Dave McCormick (R-PA), Ruben Gallego (D-AZ), and Thom Tillis (R-NC) introduced the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026, which is essential to economic security by safeguarding the availability of terrorism risk coverage. This legislation is also cosponsored by Senators Britt (R-AL), Van Hollen (D-MD), Crapo (R-ID), Cortez Masto (D-NV), Kennedy (R-LA), Schumer (D-NY), Moreno (R-OH), Kim (D-NJ), Ricketts (R-NE), Alsobrooks (D-MD), Warnock (D-GA) and Blunt-Rochester (D-DE). Following the attacks on September 11, 2001, most states began allowing terrorism risk to be excluded from commercial insurance policies, leaving businesses and industries without access to coverage. Since insurance is a precondition for commercial lending and real estate transactions, this gap in coverage threatened broad economic damage across real estate, construction, energy, transportation, and related industries. Congress responded by passing the Terrorism Risk Insurance Act of 2002 (TRIA), creating a federal reinsurance backstop to stabilize the private market and ensure that commercial policyholders could continue to obtain terrorism risk coverage. The private insurance market has relied on the TRIA backstop ever since. When TRIA briefly lapsed in December 2014, terrorism exclusions that insurers had pre-filed with state regulators took effect automatically, making terrorism coverage effectively unavailable across commercial policies nationwide. As a result, terrorism risk coverage was removed from policyholders immediately and without notice. Given that the current threat landscape remains elevated, allowing a similar lapse in terrorism coverage would expose policy holders to unnecessary financial risk and uncertainty. “The Terrorism Risk Insurance Program is critical to keeping insurance available and affordable to businesses in Minnesota and across the country so they can grow and create jobs,” said Senator Smith. “Without this bill, a potential terrorism event would mean a financial catastrophe for many businesses and would be extremely costly to taxpayers.
Klobuchar, Smith, Fischbach, and Entire Minnesota Congressional Delegation’s Legislation to Rename Roseau Post Office in Honor of Floyd B. Olson Signed into Law
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN), Tina Smith (D-MN), and Representative Michelle Fischbach (R-MN-07) announced their legislation to rename the Roseau Post Office after Floyd B. Olson, the Roseau Postmaster of 25 years, has been signed into law. Mr. Olson served in the Army from 1952 to 1954 and was an active member of the Roseau County Historical Society Board, Roseau County Fair Board, Rose Free Lutheran Church Board & Men’s Club, and the Postmaster’s Association. Mr. Olson passed away in 2017, after decades of service to his community and country. “Floyd B. Olson was the Roseau Postmaster for
U.S. Senators Amy Klobuchar, Tina Smith Secure Disaster Relief for Minnesota Farmers, Families, and Small Businesses
WASHINGTON, DC – U.S. Senators Amy Klobuchar and Tina Smith (both D-MN), ranking member and member of the Senate Agriculture Committee, announced that an expected $2 billion in agriculture disaster relief and farmer aid will soon be made available for Minnesota producers, small businesses, and families impacted by extreme storms and flooding last year. After record water levels across the state wreaked havoc on producers, small businesses and homeowners, both Senators worked to make sure the needs of Minnesota were addressed in the Congress’s comprehensive disaster aid package, the American Relief Act, 2025,which was passed and signed into law at the
Klobuchar, Smith Secure Significant Federal Funding for South Broadway Avenue in Rochester
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that the U.S. Department of Transportation (USDOT) has awarded $2,500,000 for the South Broadway Avenue project planning in Rochester. The grant, provided through USDOT’s RAISE program, will support the study, design, and engineering of a Complete Street and pedestrian and bike overpass along the approximate half-mile corridor on South Broadway Avenue between 4th Street SE and 9th Street SE. “Broadway Avenue is the main north-south access to downtown Rochester and this federal support will improve the safety of this major corridor,” said Klobuchar. “By building an overpass, we will make
Klobuchar, Smith Secure Significant Federal Funding to Reconstruct Robert Street in St. Paul
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that the U.S. Department of Transportation (USDOT) has awarded $25,000,000 for the Highway 3/Robert St. project planning in St. Paul. The grant, provided through USDOT’s RAISE program, will reconstruct approximately 1.5 miles of State Highway 3, including upgrading pedestrian crossings, improving sidewalks and trails, managing speed, expanding multimodal options, rehabilitating or replacing 100-year-old retaining walls/bridge, and improving transit access. “Robert Street is a critical route in St. Paul, used by drivers, bikers, and pedestrians,” said Klobuchar. “This federal support will make this highway safer and more efficient for all travelers.”
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