Provides for certain insurance premium discounts. (gov sig)
Impact
The bill has the potential to impact state laws significantly, specifically by refining how premium discounts are applied across different types of properties. By explicitly stating the types of properties that qualify for these discounts, SB113 seeks to bolster the insurance landscape in the state, encouraging adherence to building codes that are aligned with Louisiana's Fortified program, which is designed to mitigate damage from natural disasters. This alignment could lead to reduced insurance costs for compliant homeowners and property owners, promoting safety and construction standards statewide.
Summary
Senate Bill 113, sponsored by Senator Hewitt and Representative Garofalo, aims to amend and reenact specific sections of the Louisiana Revised Statutes pertaining to insurance premium discounts associated with building codes and damage mitigation. This bill particularly addresses the provisions for insurable properties, ensuring clarity and inclusion of various property types such as single-family homes, commercial properties, modular homes, and retrofitting for manufactured homes. The intent is to enhance the benefits that property owners can access through these premium discounts while reinforcing compliance with the state construction code.
Sentiment
The sentiment around SB113 appears to be largely positive, with support from both legislative sponsors and industry stakeholders who view it as a necessary update to existing law. Advocates believe this bill will provide clearer guidelines that benefit property owners and encourage more robust building practices. However, any potential contentious points could arise from insurance companies or groups concerned about the financial implications of mandated discounts for compliance.
Contention
While there seems to be general agreement on the need for amendments in this area of law, potential points of contention could arise regarding the specific definitions and the scope of properties included. Stakeholders may debate the implications for property owners who do not meet the construction standards or those who might be excluded from receiving premium discounts under the new definitions. Ultimately, the success of SB113 could rely on further clarifications and stakeholder engagement to ensure that the benefits are equitably distributed.
Provides for discounts and insurance rate reductions for residential and commercial buildings built to, or retrofitted to, reduce the threat of loss due to windstorm events
Property Insurance; insurance premium discount or rate reduction for property owners; tornado, hurricane, or other catastrophic windstorm events; provide
Insurance; discount for property owners who build a new property that better resists tornado, hurricane, or other catastrophic windstorm events; provide