The resolution encourages the Illinois Departments of Insurance and Natural Resources to enhance educational opportunities related to flood insurance for insurance producers and consumers. By increasing educational initiatives, the state aims to bolster the number of certified insurance producers capable of selling policies under the National Flood Insurance Program. This is significant, as the low number of policies currently in force (only 7% of at-risk properties) suggests a vulnerability that needs to be addressed, particularly as climate-related flooding becomes more frequent.
Summary
House Joint Resolution HR0332 focuses on the increasing risk of flooding in Illinois due to climate change and the consequential need for better flood insurance coverage. The resolution presents alarming statistics, indicating a significant increase in costs associated with natural disasters in Illinois, which have escalated from an average of $500 million in 1984 to an estimated $1.7 billion in 2023. It highlights that a substantial portion of properties at risk of flooding are not currently covered by flood insurance, urging the state to take action to rectify this gap in coverage and prepare for future flooding events.
Contention
A central point of contention regarding HR0332 revolves around the effectiveness of the proposed educational measures. While proponents advocate for increased knowledge as a means to broaden insurance coverage, skeptics might question whether education alone will be sufficient to encourage property owners to obtain necessary flood insurance. Additionally, there may be opposition from parties concerned about the potential costs and challenges associated with expanding educational programs amidst a backdrop of heightened economic pressures.