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.
U.S. Senators Tina Smith, Amy Klobuchar Demand Answers from Postmaster General Louis DeJoy for Cook County Postal Delays
MINNEAPOLIS, MN – U.S. Senators Tina Smith (D-MN) and Amy Klobuchar (D-MN) are demanding answers from U. S. Postal Service Postmaster General Louis DeJoy after several Minnesotans in Cook County reported not receiving mail delivery since last year. Residents were also turned away from local post offices when attempting to retrieve undelivered mail. Minnesota-North Dakota District leadership reportedly didn’t know of the issue until Senator Smith inquired on January 8. On December 19, USPS staff assured the Senators that service in Minnesota was stable – a claim that is contradicted by the Cook County problems. The Senators are demanding answers on steps USPS plans to take to rectify the issue and prevent it from happening
Klobuchar, Smith Secure Significant Federal Funding to Reconstruct Trunk Highway 19 in Northfield
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that they have secured over $25 million from the U.S. Department of Transportation (USDOT) to improve Trunk Highway (TH) 19 in Northfield. The resources, provided through the USDOT’s Rural Surface Transportation Grant Program, will widen TH 19 from two lanes to three between Decker Ave and Union Pacific Railroad. Improvements will also include a new roundabout at Armstrong Rd, better pedestrian walkways and crossings, and a new snow fence at Decker Ave. “Rebuilding our infrastructure is critical for families, workers, and businesses,” said Klobuchar. “Highway 19 is an important route
Klobuchar, Smith Secure Significant Federal Funding to Improve Highway 5 in Carver County
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that they have secured $25 million from the U.S. Department of Transportation (USDOT) to improve Highway 5. The resources, provided through USDOT’s Rural Surface Transportation Grant Program, will widen the roadway from two to four lanes between Chanhassen and Victoria. “Rebuilding our infrastructure is critical for families, workers, and businesses,” said Klobuchar. “Highway 5 is a key route in Carver County, but it does not adequately serve the growing population, leading to safety hazards and traffic jams. This infrastructure project will reduce traffic congestion, improve safety, and create good jobs.”
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
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