This is the first time the DOI held public hearings on the issue of homeowner’s insurance
In September of this year, the Division of Insurance approved homeowners’ insurance rate increases for 13 carriers resulting in a backlash from Mass. homeowner’s and lawmakers. In response, during the Fall, the Division of Insurance organized and held a series of listening sessions on home insurance around the state. The purpose of the public hearings was to gauge the public mood as well as the insurance industry’s with regards to the regulation and setting of rates of home insurance in the Commonwealth.
Or as the DOI itself more aptly stated, to:
… address questions concerning the materials that insurers and producers provide to consumers when informing them of potential rate and coverage changes, for example changes in deductibles, changes in amount of insurance and general changes in premium, or providing coverage through a different member of an insurer group. The Division will seek comments concerning the information that insurers and producers provide to consumers to assist them in reducing the cost of their homeowners’ insurance, such as notifying the insurer of recent home improvements or maintenance, preparedness of the home in the event of a major windstorm or rain event, and actual cash value versus replacement cost coverage options.
As such, the Division has extended its deadline for accepting written comments until December 31st, 2015. If you or any of your insureds had previously posted comments and do not see them on the list we have reprinted here, be sure to resend them to the following address prior to the December 31st deadline per the DOI’s request:
If you attempted to send written comments prior to December 2nd and do not see them posted, kindly re-send them to DOI.HOI.email@example.com to ensure they become part of the record.”
What Massachusetts residents have said so far….
The following is a list of the emailed comments the DOI has received in response to its Home Listening sessions. It is not many. Please get the word out so that insurance professionals and insureds can make their voice heard and the DOI on this issue, no matter what one’s position.