Rep. Ray Garofalo
Legislation requiring homeowner insurance companies to provide discounts or credits on their premiums to property owners who fortify their roofs to building code standards was approved by the House Insurance Committee. The bill’s author Chalmette Representative Ray Garofalo says it’s about giving consumers incentives to fortify their homes.
“This bill would simply say that the insurance companies have to give them the amount of the discount. The goal here again is to stabilize the market and to stabilize rates.”
Garofalo says his bill would also require companies to reduce premiums to insurers who install mitigation improvements or retrofit their property to reduce the amount of loss from a windstorm or hurricane.
“The best way for us to stabilize the market is for us to have roofs that will withstand winds. The more fortified roofs we have the less the payouts are going to be from the insurance companies.”
Garofalo says that if more homeowners fortify their roofs it would lead to less damage after a hurricane which helps out the homeowner and the insurance company.
“My goal here is to stabilize the market, bring down rates, and in the long term from everybody I’m speaking to this will be the best way for us to do that in the long term.”
HB 309 heads to the House floor.
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