If you want to see what’s happening on the ugly side of homeowner’s insurance, Louisiana is the place to go because a lot of the ugliness came out after Hurricane Katrina. Insurers were happy to take the premiums but were a little more stingy when it came to payouts, which is totally understandable. Flood insurance covers flooding and if you didn’t buy it, then there’s no reason an insurer should be charitable and give you a payout for flood damage - it’s not American.
State Rep. Ken Odinet seeks to protect homeowners with a Policyholders Bill of Rights, which would force transparency on the insurance companies seeking to business in his state.
Besides access to claim-related documents and a prompt response from insurance companies to all inquiries, the legislation would provide a right to additional living expenses in the event of a loss under the homeowner’s policy-and it must be provided up to 24 months, “subject to other policy provisions.”
Lastly, this would also create a position for an insurance consumer advocate in the Office of the Governor that would represent consumers before the Louisiana Insurance Rating Commission and the Commissioner of Insurance.
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