Senate Bill No. 1385 mandates the Insurance Commissioner to conduct a study on flood insurance coverage options for owners of residential and commercial properties in the state. The study aims to evaluate practices that can enhance access to and awareness of these coverage options. The Commissioner is required to submit a report detailing the findings of the study to the relevant joint standing committee of the General Assembly by February 1, 2026. The bill includes a new section that outlines these requirements and makes a minor adjustment for consistency in terminology by changing "commercial properties" to "commercial property."

The fiscal impact of the bill is estimated to incur a one-time cost of $20,000 to $30,000 in FY 26, primarily for hiring a contractor to carry out the study. There are no anticipated ongoing costs beyond this one-time expenditure, and the bill does not have any municipal impact. The bill received unanimous support from the Insurance and Real Estate Committee, reflecting a strong legislative interest in improving flood insurance options for property owners.