Residential policies need to be simplifiedbecause customers are confused about what their policies protect,said Benjamin Lawsky, superintendent of New York's Department ofFinancial Services, in an exclusive interview with Bloomberg.
According to Lawsky—who said Superstorm Sandy brought to lightinsureds' confusion regarding their homeownerspolicies—standardizing health plans makes it easier for consumersto find the best options, and the same principal can be applied tohomeowners insurance.
|“There's room for greater standardization,” Lawsky toldBloomberg. “We're doing it for health insurance and we need to ask,'Why not move in the same direction for homeowners' policies?'”
|Read the Bloomberg article here.
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