Louisiana 2021 Regular Session

Louisiana Senate Bill SB54

Introduced
3/22/21  
Introduced
3/22/21  
Refer
3/22/21  
Refer
3/22/21  
Refer
4/12/21  
Refer
4/12/21  
Report Pass
4/28/21  
Report Pass
4/28/21  
Engrossed
5/5/21  
Refer
5/6/21  

Caption

Provides relative to hurricane, named storm, and wind and hail deductibles. (1/1/22) (RE NO IMPACT See Note)

Impact

SB 54 is poised to affect state laws governing insurance practices in Louisiana. By requiring insurers to clarify deductible amounts in a standardized form, the legislation enhances consumer awareness and understanding of their insurance agreements. This step aims to streamline the claims process during catastrophic events, further protecting homeowners from unexpected financial burdens. The bill's implementation establishes a clearer expectation for deductibles, which could influence future insurance market practices.

Summary

Senate Bill 54, introduced by Senator Luneau, seeks to amend regulations pertaining to homeowners' insurance policies in relation to deductibles for losses caused specifically by hurricanes, named storms, and wind and hail. Effective from January 1, 2022, the bill requires insurers to provide a separate form that explicitly lists the amounts for each type of deductible, which must be signed by the insured before the policy takes effect. This initiative aims to enhance transparency for policyholders regarding their financial obligations in the event of storm-related damages.

Sentiment

The sentiment surrounding SB 54 appears to be largely supportive, especially among homeowners and consumer advocacy groups who appreciate the push for greater clarity and accountability from insurance providers. However, there may be concerns among insurers regarding additional regulatory requirements and paperwork, which could complicate their operations. Overall, the general view of the bill reflects a positive response to improving consumer rights in a high-risk insurance landscape.

Contention

While SB 54 establishes beneficial provisions for homeowners, some points of contention may arise regarding the operational impacts on insurance companies. There are concerns that mandated changes in documentation requirements might lead to increased administrative burdens for insurers, potentially resulting in higher premium rates for consumers in the long term. Despite these concerns, the overall purpose of the bill is to protect homeowners' interests during natural disasters, a priority amidst increasing climate-related challenges.

Companion Bills

No companion bills found.

Previously Filed As

LA SB150

Provides relative to hurricane, named-storm, and wind and hail deductibles. (1/1/23) (OR NO IMPACT See Note)

LA HB317

Provides for hurricane, named storm, and wind and hail deductibles

LA SB100

Requires homeowners' insurance providers who use a named-storm or wind and hail deductible to offer the policyholder a discount on the annual premium. (8/1/13)

LA SB70

Provides relative to named storm deductibles for commercial properties. (8/1/21)

LA HB1479

Insurance; revise the hurricane deductible.

LA HB1416

Provides relative to all peril deductibles offered by insurers

LA SB12

Grants a refundable individual income tax credit for up to $600 of deposits made in a tax year to Wind and Hail Deductible Savings Accounts which provide reimbursement to the account holder for damages or losses not covered because of a deductible. (gov sig) (OR DECREASE GF RV See Note)

LA HB549

Provides relative to disclosures for windstorm insurance

LA HB373

Relating to insurance; to limit the number of times an insurer may apply a separate deductible to a homeowner's or a commercial property owner's named storm or hurricane insurance policy.

LA HB1001

Provides for an installment plan for hurricane deductibles

Similar Bills

HI SB679

Relating To Hurricane Shelters.

HI HB357

Relating To Hurricane Shelters.

HI SB698

Relating To The State Building Codes.

HI HB356

Relating To The State Building Codes.

HI SR88

Requesting Each Branch Of The United States Military In The State To Provide Shelters That Can Withstand Hurricanes With Winds Of Over Two Hundred Miles-per-hour For All Of Their Active And Retired Personnel And Families Living In The State.

HI SCR107

Requesting Each Branch Of The United States Military In The State To Provide Shelters That Can Withstand Hurricanes With Winds Of Over Two Hundred Miles-per-hour For All Of Their Active And Retired Personnel And Families Living In The State.

FL H0395

Hurricane Protection for Condominium Associations

HI SB239

Relating To Disaster Preparedness.