The bill establishes a task force focused on homeowners and commercial property insurance in Minnesota, aimed at evaluating issues related to insurance affordability for various housing types and small businesses. The task force will consist of members appointed by various stakeholders, including the Department of Commerce, legislative representatives, and organizations related to housing and insurance. The task force is tasked with identifying recommendations to strengthen the insurance industry, consulting with relevant agencies, and reviewing factors that impact insurance costs, such as risk mitigation methodologies and liability laws.

Additionally, the bill appropriates $200,000 from the general fund for fiscal year 2025 to support the task force's activities. The task force is required to submit a report by February 15, 2026, detailing its findings, recommendations, and any proposed legislative changes. The task force will expire upon the submission of this final report, and the provisions of the bill will take effect the day after final enactment.