(FAIRHOPE, Ala.) - Superstorm Sandy may have directly hit the northeast but its impacts could be felt here on the Gulf Coast in your homeowners insurance. Legislators from across the country met in Point Clear Friday for the National Conference of Insurance Legislators. Governor Robert Bentley spoke at the luncheon.
After the storms comes the reality. "No one is immune from a natural disaster and we are all finding that out. So if states, when they get together and say we're immune so we don't want to participate, they're wrong, " said New York State Senator Neil Breslin. Breslin along with dozens of other lawmakers from across the country were in Baldwin County today talking insurance.
Alabama's Governor says he's expecting fine money from the BP oil spill to help offset costs. "Which are mitigation grants if we get money through the Restore Act to help homeowners fortify their homes. They can save up to 35% on their homeowners insurance to help them do that and if we get grants especially for low income people, " said Governor Bentley.
All agree it will take reform for Alabama and reform for the country. Afterall, with "Superstorm Sandy" happening up north we now know hurricanes are not just a Gulf Coast problem. "All of this really starts much before a claim occurs and the payments have to be made. It really starts at what can we do to prevent losses in the first place and insurers are working hard on that in something called the Insurance Institute for Business and Home Safety working on better housing designs and things you can do to retro fit, " said David Snyder with Property Casualty Insurers.
Alabama recently passed a transparency law requiring insurance companies to itemize and disclose why and how rates are set. The Governor says it's one reform that should help home owners understand the process better.
