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.
Statement from U.S. Senator Tina Smith on Voting to Halt Military Actions in Iran
WASHINGTON, DC – U.S. Senator Tina Smith (D-MN) released the following statement after voting on a War Powers Resolution that stipulates any further United States participation in hostilities against Iran must be stopped unless they are explicitly authorized by Congress: “The Minnesota servicemembers stationed in the region and those stuck trying to find a way to evacuate are in my thoughts. Our prayers are with White Bear Lake’s Sgt. 1st Class Nicole Amor and her family, who made the ultimate sacrifice in service to our nation. “We’ve been plunged into yet another dangerous, risky, and costly war in the Middle
U.S. Senators Tina Smith, Mike Rounds, Tammy Baldwin Introduce Investments in Rural Transit Act
WASHINGTON, D.C. — Today, U.S. Senators Tina Smith (D-MN), Mike Rounds (R-SD), and Tammy Baldwin (D-WI) introduced the Investments in Rural Transit Act, a bipartisan bill to help rural transit providers improve their services. Rural transit operators provide essential lifeline services to millions of Americans, getting them to work, school, grocery stores, medical appointments, and more. The Investments in Rural Transit Act would address key issues facing rural transit providers, including rising operating costs, complicated red tape, and difficulty procuring new vehicles. It would also support Tribal transit providers, who serve some of the most geographically isolated communities in the country. “High-quality, efficient public transit systems are important
Baldwin, Klobuchar, Smith Demand Secretary Duffy Release Blatnik Bridge Project Funding
WASHINGTON, D.C. – U.S. Senators Tammy Baldwin (D-WI), Amy Klobuchar (D-MN), and Tina Smith (D-MN) called on U.S. Department of Transportation (DOT) Secretary Sean Duffy to give final approval and release the $1.05 billion grant for the Blatnik Bridge replacement project so construction on the project can begin. The call comes as the Trump Administration has attempted to illegally cut funding for infrastructure projects as a tool for political retribution on other states and threatened to block the opening of a bridge between Michigan and Ontario last month. “The folks in Minnesota and Wisconsin who are planning the reconstruction of the Blatnik Bridge
U.S. Senator Tina Smith, Fridley Public Schools Superintendent Brenda Lewis to Speak at “People’s State of the Union”
MINNEAPOLIS, MN – U.S. Senator Tina Smith (D-MN) announced she is boycotting President Donald Trump’s State of the Union Address. Senator Smith will be speaking at MoveOn’s “People’s State of the Union” held on the National Mall alongside her guest: Fridley Public Schools Superintendent Brenda Lewis. Smith and Lewis’ remarks will be livestreamed around 8:30pm ET here. Lewis has worked tirelessly to keep students, staff and families in her school district safe in the face of a federal police force operating with impunity and snatching children and their parents off the street. Smith met Lewis after school and drove with
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