Bill > HB665

This bill enacts the Stated Value Homeowner's Policy Act in Louisiana, which requires property and casualty insurers to offer a "stated value homeowner's policy" option to consumers. This policy allows the insured to declare a stated value for their residential property, which the insurer agrees to as the coverage amount, regardless of the property's current market value. The bill sets requirements for homeowners to provide financial information and mortgage details when electing this policy, and requires insurers to provide coverage limits equal to the unpaid principal balance on the homeowner's mortgage. The bill also authorizes the state insurance department to enforce the new law and impose penalties on insurers who violate its provisions.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=24rs&b=HB665&sbi=y