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.
Senator Smith Joins Bipartisan Push to Reverse DOGE’s Cuts to Heating Assistance for Minnesotans
MINNEAPOLIS – U.S. Senator Tina Smith (D-MN) is part of a bipartisan push to reverse course on DOGE’s push to fire all staff that administer the Low-Income Heating and Energy Assistance Program (LIHEAP), which helps families pay utility bills when they need help making ends meet through Minnesota’s Energy Assistance Program. The Administration has released 90 percent of those federal funds to state partners, but the remaining 10 percent, almost $400 million, is in limbo without staff to administer the funding to states. “Firing all the workers from the office that helps families keep their homes warm and safe through the winter is
U.S. Senators Tina Smith, Mike Rounds Reintroduce Bipartisan Rural Housing Legislation
WASHINGTON – Today, U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD) reintroduced their bipartisan legislation to improve federal rural housing programs and strengthen the supply of affordable housing in rural America. The legislation would represent the most significant Rural Housing Service reforms in decades . The Rural Housing Service expands housing opportunities by offering loans, grants, and rental assistance to rural communities across the country. Rural parts of the country saw only a 1.7% increase in the number of housing units between 2010 and 2020, with almost half of states seeing a decrease in the number of rural units. According to the Minnesota Housing Partnership, every county in Minnesota
U.S. Senator Tina Smith and U.S. Representatives Budzinski, Nunn and Courtney Introduce Bipartisan Bill to Help New Farmers Gain Access to Land
ST. PAUL — Today, U.S. Senator Tina Smith (D-MN) and Reps. Nikki Budzinski (D-IL), Zach Nunn (R-IA), and Joe Courtney (D-CT) introduced the New Producer Economic Security Act, a bipartisan bill to help bring the next generation into family farming. The bill addresses the issue of Minnesota’s aging farmer and rancher population by giving new farmers and ranchers the tools they need to succeed through grants, financial aid, and training. It ensures that the support goes where it is needed most. “The average age of a producer in the United States is 58, and in Minnesota it’s 57. To keep Minnesota’s agriculture economy thriving, we need to invest
U.S. Senator Tina Smith Statement on Musk and Trump Administration Gutting Heating Assistance for Minnesotans During Severe Winter Weather
MINNEAPOLIS – U.S. Senator Tina Smith (D-MN) released the following statement in response to the news that Elon Musk, DOGE and the Trump Administration have fired all federal workers charged with distributing funding and administering the Low-Income Heating and Energy Assistance Program (LIHEAP), which helps families pay utility bills when they need help making ends meet through Minnesota’s Energy Assistance Program. “Firing all the workers from the office that helps families keep their homes warm and safe through the winter is thoughtless and cruel. Hundreds of thousands of Minnesotans are facing severe winter weather right now, and the need for heating assistance is greater than ever. Minnesota still hasn’t received all the
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