Several property insurance reform bills have received final legislative passage, including a measure Insurance Commissioner Tim Temple says will create simple, clear timelines for the claims process.
“When I say the start claims the process, I expect that adjuster comes out and gets your claims started to get money, money in your hands so the consumer can start to repair, recover and rebuild quicker,” Temple said.
Temple is talking about Senate Bill 323 which will give insurance companies 60 days, instead of 30 days for a qualified adjuster to the start claims process. He says the additional time will lead to a better claims process instead of a rushed one that could result in a lawsuit.
House Bill 611 has also received a final legislative passage. Insurers are prohibited from canceling a homeowners insurance policy if the company has insured the policyholder for three years or more. Temple says House Bill 611 allows insurers to drop some policies after three years.
“It allows insurance companies more effectively manage their risks, not the state for them,” Temple said.
Temple’s insurance reform legislation seeks to reduce regulations to create a more friendly insurance writing market, which he believes will drive up competition, stabilizing insurance premiums.
Another bill that’s heading to the governor’s desk removes an end date on the popular fortified roof program. Temple says this shows insurance companies that Louisiana has a long-term commitment to resiliency.
“We need to build more resilient homes and we need to mitigate against future damages and this is an important step towards that,” Temple said.
