Homeowners Bill of Rights Coming to a Town near you
The thought process behind a Homeowners Bill of Rights is that the law will be on the side of the homeowners. These rights will guarantee that insureds will receive prompt responses and payments when they file aclaim. NY Assembly Speaker Sheldon Silver seems motivated by the recent snowstorm season and Superstorm Sandy that wreaked havoc on Insurance companies and insureds in the tri-state area. Some would even argue why have we waited this long to promote rapid claims response. See the specifics in this recent article in the Insurance Journal.
These bills will put more pressure on insurance companies to move faster in claim responses. It’s understandable that people want money as quick as possible to pay contractors working on their home. But with the massive number of claims that were received from Sandy and the amount of overtime hours worked by Insurance agents, are these requirements realistic? Laws are only as good as their enforcement so we will see what happens if these bills pass.
Why do we need a Bill of Rights to guarantee good customer service?