I recently read an article that discussed how many Texas policyholders want to see some form of insurance reform in their state. Texas Watch – a consumer advocacy group – stated that a statewide survey showed that about 74 percent of voters are likely to vote for those candidates who favor home insurance reforms. Among the survey results, Texas Watch found the following:
- 73 % of those polled believed that insurance companies should be required to submit and justify any rate increases for review by the Department of Insurance before they could go into effect.
- 77% of those polled felt that consumers should be given stronger legal remedies and enhanced damages and sanctions if insurance companies unfairly deny, delay, or underpay legitimate claims.
- 85% of those polled thought that insurance companies should be required to offer a few standard policies written in plain language that would be consistent across the industry.
- 52% of those polled agreed with prohibiting insurance companies from using a person’s credit rating when deciding whether to charge higher prices or deny coverage.
- 84% of those polled want to have the ability to elect the insurance commissioner instead of having him appointed by the governor.
Given yesterday’s election results and that Governor Rick Perry has stated on record that he wants to pass his own version of insurance reform, policyholders may want to keep a close watch on Governor Perry’s future statements and intentions. One good way to do so is to follow Texas Watch and express their views to their representatives.