Let’s Create TRUTH IN INSURANCE Disclosures for Homeowners

Let’s Create TRUTH IN INSURANCE Disclosures for Homeowners

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Policyholder Pros, LLP started this petition to U.S. Senate and

We need TRUTH IN INSURANCE for our homes, our property, and our families.  Our homes are our biggest investments and they house our families and all of our personal property.  When we buy insurance, we become POLICYHOLDERS.  We believe we are insuring our property against total loss, but we often have no idea what our policy would actually cover in the event of a catastrophe.  As more Americans face disaster and total loss, it becomes clear the insurance industry is built on deep mystery and there is a crisis of underinsurance.  There is no clarity, the system is broken.  

POLICYHOLDERS’ investments in real property, improvements, and personal property are often substantially higher than their mortgage alone, and they have a heightened need to receive TRUTH IN INSURANCE disclosures at the time of issuing or renewing insurance policies. 

POLICYHOLDERS who experience catastrophic losses are generally interested in rebuilding and replacing their property and restoring their community, but the costs are considerable after catastrophic loss and the quality of their homeowners insurance is extremely important. Understanding what you are buying is critical. Whole communities suffer when many homeowners are not able to rebuild. There is significant need for greater transparency for all POLICYHOLDERS. 

On May 29, 1968, our country enacted the TRUTH IN LENDING ACT (T.I.L.A.), to protect homebuyers from the uncertainty of mortgage lending so they would know the full cost of their home with all the interest and finance charges. We need the same thing for insurance. Our homeowners policies are intended to cover rebuilding the house and replacing all the property inside, and this can often cost three to six times more than the mortgage, so understanding insurance coverage is a key component of a family’s financial health.

One of the reasons there is no consistency across the nation is because the McCarran Ferguson Act relegated matters of insurance to the individual states.  Times have changed. In light of climate change, increased natural disasters, and because insurance is sold on the e-marketplace - this issue is urgent nationwide.  

We ask the federal government, through the Department of Housing and Urban Development, to create standards of transparency, fairness, and clarity for POLICYHOLDERS.  The FEDERAL HOUSING ADMINISTRATION (F.H.A.), within H.U.D., insures mortgages on single family homes and multifamily properties and it is one of the largest insurers of mortgages in the world, insuring more than 46 million mortgages since its inception in 1934. It can and should have oversight into creating better standards for the benefit of all POLICYHOLDERS.

A TRUTH IN INSURANCE ACT (T.I.I.A.), is urgently needed by homeowners and communities across the country so that all POLICYHOLDERS may be informed about the insurance coverages they are being offered and provided.

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At 200 signatures, this petition is more likely to be featured in recommendations!