Provides for the use of satellite photos when inspecting a property that has been issued an insurance policy. (gov sig)
Impact
By introducing this bill, Louisiana lawmakers aim to enhance fairness in insurance practices by mandating a temporal limitation on the use of aerial images. The stipulation that aerial images must be recent helps protect homeowners from potential policy cancellations based on outdated or irrelevant data. Overall, this bill seeks to offer better consumer protections and promote a more transparent inspection process in the insurance industry, possibly affecting how insurers conduct risks assessments.
Summary
Senate Bill 242 enacts R.S. 22:1339 to regulate the use of aerial imagery in inspecting properties insured under a homeowner's insurance policy. The bill establishes that insurers are prohibited from relying solely on aerial images to determine the condition of a property for policy cancellation or non-renewal unless the images are taken within the last 24 months. This legislation aims to provide clarity on the acceptable uses of aerial imagery, ensuring that it is not the only basis for decisions regarding homeowner's insurance.
Sentiment
The sentiment surrounding SB 242 appears to be generally positive, as it addresses concerns raised by consumers about reliance on outdated assessments for significant financial decisions regarding homeowner's insurance. Supporters of this bill, including consumer advocacy groups, likely appreciate the balance it strikes between modern technological practices and the need for accountability in the insurance sector. However, stakeholders in the insurance industry may have reservations about the implications this could have for operational efficiency.
Contention
Notable points of contention regarding SB 242 include the balance between technological advancements in property assessment and the rights of homeowners. Some industry advocates might argue that the use of aerial imagery allows for quicker and more comprehensive assessments of property conditions; however, the bill seeks to prioritize recent physical inspections over potentially misleading ancient imagery. This debate highlights the broader discussion around regulatory measures that protect consumers while considering the practicalities faced by insurers.
Suspends the premium surcharge of at least ten percent assessed by the Louisiana Citizens Property Insurance Corporation for policies issued in parishes affected by the 2020 and 2021 hurricanes
Provides the Louisiana Insurance Guaranty Association and the Louisiana Citizens Property Corporation shall not be liable for certain property damage insurance claims. (8/1/23)
Exempts from state and local sales and use taxes certain tangible personal property and services related to photography and videography services. (gov sig) (RE DECREASE GF RV See Note)