Going back to standard form home policies is a good start. Proper disclosure of coverages to let the consumer know if they have a fair, good, better or best form would be the next step. Also make it easier for consumers to insure for less than RCV while still having partial losses insured at replacement. There are simply too many consumers that would not rebuild as large of a home if the current one was destroyed as their needs are now less – especially with empty nesters whose children grew up in that house but, have since moved away. Carriers are not friendly to the decreasing needs of consumers that no longer need to replace that big house. The best option is tougher construction standards – especially premium reduction incentives to replace roofs with tougher materials than the old composition shingles. I recently replaced my comp shingle roof with a UL4 grade steel panel roof.
I know! Lets build a big dome over the whole state and that will eliminate hail and wind claims entirely! I guess we can open it sometimes to let the rain in…..
Does not surprise me to see Sen. Lucio on this one. Coastal County. Quit taking money & supporting the companies & listen to the little guy on the street. As much time as I spent on this and the number of times I spoke to Sen. Lucio……I have to say this is just more lip service to get our votes.
I agree with KentU. Replacement cost systems that the companies have are so wrong. I believe you should let the customer choose the value of his home, with the understanding that he will not get more money in the case of the total loss. For partial losses like replacing a roof disclose what percetage insurance companies will pay and what the customer is liable. Like 80/20, 80 percent the company and 20 percent the customer.
I understand the rate increases, but I dont see salaries increasing. Price has become a very important factor in many households. And if I may, bringing more competition in not the answer, we dont need more companies like this auto insurance companies that sell liability for 35.00 a month. This companies make insurance premuims higher, because they dont pay claims, or take their sweet time. Let get rid of those companies.
Going back to standard form home policies is a good start. Proper disclosure of coverages to let the consumer know if they have a fair, good, better or best form would be the next step. Also make it easier for consumers to insure for less than RCV while still having partial losses insured at replacement. There are simply too many consumers that would not rebuild as large of a home if the current one was destroyed as their needs are now less – especially with empty nesters whose children grew up in that house but, have since moved away. Carriers are not friendly to the decreasing needs of consumers that no longer need to replace that big house. The best option is tougher construction standards – especially premium reduction incentives to replace roofs with tougher materials than the old composition shingles. I recently replaced my comp shingle roof with a UL4 grade steel panel roof.
I know! Lets build a big dome over the whole state and that will eliminate hail and wind claims entirely! I guess we can open it sometimes to let the rain in…..
Does not surprise me to see Sen. Lucio on this one. Coastal County. Quit taking money & supporting the companies & listen to the little guy on the street. As much time as I spent on this and the number of times I spoke to Sen. Lucio……I have to say this is just more lip service to get our votes.
…By staying out of it?
Is Texas still an ISO only state?
I agree with KentU. Replacement cost systems that the companies have are so wrong. I believe you should let the customer choose the value of his home, with the understanding that he will not get more money in the case of the total loss. For partial losses like replacing a roof disclose what percetage insurance companies will pay and what the customer is liable. Like 80/20, 80 percent the company and 20 percent the customer.
I understand the rate increases, but I dont see salaries increasing. Price has become a very important factor in many households. And if I may, bringing more competition in not the answer, we dont need more companies like this auto insurance companies that sell liability for 35.00 a month. This companies make insurance premuims higher, because they dont pay claims, or take their sweet time. Let get rid of those companies.