Garamendi Fights for Homeowners’ Rights
The goal of Garamendi’s “Crisis in Coverage” underinsurance hearing was to gather information to be used for regulatory action in the form of new law or changes to existing regulations. According to Garamendi, the insurance industry is undertaking “very serious efforts” to develop the replacement cost of a building; the next step he believes the industry must take is to accept responsibility for underinsuring consumers. Garamendi implores the industry, purportedly armed with the knowledge of building replacement costs, to pass the knowledge to the consumer. The consumer, in turn, is then able to make educated decisions on their homeowner’s coverage. Up to now, Garamendi says, the consumer has been treated like a mushroom: kept in the dark.
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August 2, 2010 at 2:30 pm