Provides relative to hurricane, named-storm, and wind and hail deductibles. (1/1/23) (OR NO IMPACT See Note)
Impact
The impact of SB 150 on state laws is significant as it introduces new procedural requirements for insurance companies and protects homeowners by mandating disclosure of deductible amounts clearly. This will likely result in greater accountability from insurers, sparking potential changes in how deductibles are communicated. The law is intended to come into effect on January 1, 2023, thus providing a firm timeline for insurers to adapt their policy documentation processes.
Summary
Senate Bill 150, sponsored by Senator Luneau, aims to enhance transparency in homeowners' insurance policies related to deductibles for hurricanes, named storms, and wind or hail damage. This bill mandates the introduction of a separate form that lists the specific amounts for each deductible expressed either as a percentage of the insured property's value or as a set dollar amount. This form must be acknowledged and signed by the policyholder before the insurance policy takes effect. The intent of this requirement is to ensure that homeowners are fully aware of their financial obligations in the event of a disaster, thus encouraging informed decision-making during policy agreements.
Sentiment
Overall sentiment surrounding SB 150 appears to be positive among consumer advocacy groups, as the bill emphasizes transparency and clear communication regarding insurance deductibles. Proponents argue that it empowers homeowners by allowing them to better understand their policies and responsibilities. However, there may be concerns from insurance companies regarding increased administrative burdens, which could lead to pushback surrounding compliance and operational adjustments.
Contention
Notable points of contention surrounding SB 150 may involve discussions on the effectiveness of regulation versus the potential for increased operational costs for insurers. Data-driven arguments may arise regarding whether mandated transparency significantly influences homeowners' choices in a market often complex and overwhelming to navigate. While the bill satisfies a pressing need for clarity, it may ignite debates on whether such measures adequately protect against exploitation or unfair practices in the insurance industry.
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)
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)
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.
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.
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.