Gov. John Bel Edwards opened this year’s regular legislative session—his last as governor—with calls for addressing what many lawmakers and business advocates call a crisis in the state’s property insurance market.
Edwards says he is open to upgrading the state’s building code, will support funding grants to help homeowners fortify their roofs while ensuring they pay lower premiums for doing so, and wants to make the claims process easier and more transparent.
“I’m ready and willing to work with anyone to address the availability and price of insurance,” he said, adding that the solution is “not to make it easier for insurers to wear our people down” rather than making them whole.
Rep. Mike Huval, who chairs his chamber’s insurance committee, says he plans to request $20 million for roof-fortification grants of up to $10,000. Fortified roofs can reduce the cost of storm damage by 70%, he says.
Huval also has filed House Bill 489, which would allow insurance companies to request rate adjustments every six months, rather than being locked in for 12 months. The change would give insurers more flexibility, which they say would make the state a more attractive place to do business.
A few other highlights of Edwards’ address:
- He once again called for establishing a state minimum wage above the federal wage floor and measures to mandate paid family leave and address the gender pay gap, all of which business advocates likely will oppose.
- He warned against reversing his executive order giving local governments a voice in the Industrial Tax Exemption Program, which he said would lead to “defunding” police, schools and local governments.
- He called for exemptions from the state’s abortion ban for victims of rape and incest and for abolishing the death penalty.
You can read Edwards’ speech here.
