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 Amy Klobuchar, Tina Smith Announce Grant to Strengthen Workforce in Waseca County
MINNEAPOLIS, MN – Today, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced an award for Waseca County to strengthen workforce training and development. The award will be used to develop a new manufacturing workforce training facility in Waseca, Minnesota. The new center will house classrooms, a mechatronics skills training area, and a computer numerical control (CNC) training area. The project will create 50 jobs and once completed, help increase the region’s capacity to create and grow new businesses in the manufacturing industry, in turn attracting private investment and strengthening the regional economy. “Skills training strengthens our local economies
U.S. Senators Amy Klobuchar and Tina Smith Announce Award to Improve Infrastructure in Polk County
WASHINGTON, D.C. – Today, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced an award for the city of Crookston to upgrade infrastructure in the city’s east side industrial park. The new infrastructure will include a roadway, water, and wastewater lines that will add 73 acres of developable lots to the industrial park. The project will create 75 jobs and once completed, provide the city with resources to spur their economic growth. “Improving infrastructure is essential for fostering community and economic growth,” said Klobuchar. “This new road and water and wastewater lines will increase the size of the industrial park
U.S. Senators Tina Smith, Amy Klobuchar Lead Push to Reinstate Energy Projects for Farmers, Small Businesses
Sixteen Senators are demanding the Trump Administration reverse canceling the bipartisan Rural Energy for America Program WASHINGTON, DC – U.S. Senator Tina Smith (D-MN) and Senate Agriculture Committee Ranking Member Amy Klobuchar (D-MN) led fourteen colleagues in demanding the Trump Administration re-commit to funding energy projects across rural America through the bipartisan Rural Energy for America Program (REAP). In 2022 alone, REAP projects saved enough energy and generated enough energy to power over 250,000 homes. Roughly 70% of those projects could be deemed ineligible under the Administration’s new arbitrary restrictions. “Unleashing American energy and supporting American farmers are stated priorities
U.S. Senator Tina Smith Delivers Floor Speech Remembering Annunciation School Shooting Victims, Pushes for Congress to Pass Gun Safety Legislation
WASHINGTON, DC – U.S. Senator Tina Smith delivered a speech on the floor of the United States Senate after the tragic shooting at Annunciation Catholic School last week. You can watch Sen. Smith’s floor speech here. You can read Sen. Smith’s remarks as delivered below: Mr. President, I stand before this body trying to make sense of the terrible shooting at Annunciation Catholic School just a couple of miles from where Archie and I live in Minneapolis. And I can’t. I can’t make it make sense. You know, I know this neighborhood really well. I’ve lived in and around it for
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