Commissioner Tim Temple discusses various insurance-related issues and legislative changes in Louisiana. He emphasizes the importance of shopping for insurance to find better rates, as some homeowners have successfully lowered their premiums by switching carriers. Temple encourages consumers to explore different options if their current insurance is unaffordable.
He highlights a conflict between two Louisiana statutes that led to litigation, resulting in the elimination of one statute to clarify the obligations of insurance companies and claimants. This change aims to attract more insurance companies to Louisiana, with several expected to start writing new policies early next year.
Temple addresses the common question about when insurance rates will decrease, noting that some people have already seen lower premiums by switching carriers. He advises consumers to ask their agents to shop around for better rates.
On the auto insurance front, Temple mentions the passage of legislation dealing with direct action, which simplifies the process of suing for damages. Previously, attorneys would sue the insurance company directly, but now they will sue the individual, with the insurance company paying if the individual is found liable. This change aims to prevent juries from awarding higher damages based on the perceived wealth of insurance companies.
Temple also discusses the extension of the prescription period for filing auto accident claims from one year to two years, allowing more time for settlements. He mentions the need for transparency in medical billing and legal expenses to ensure fair preparation for litigation.
Finally, Temple talks about the success of the fortified roof program, which is now law. He is working with the federal delegation to secure funding for fortifying roofs in addition to elevating homes in flood-prone areas, aiming to mitigate damage from future storms.