This bill amends and reenacts several sections of the Louisiana Revised Statutes related to the Louisiana Citizens Property Insurance Corporation. Key changes include the introduction of an option for policyholders to exclude coverage for personal property, specifically tangible personal property, from their insurance policies. This exclusion can be requested in writing, and if granted, the insurer is allowed to calculate an actuarially justified reduction in the premium. The definitions of "insurable property" have also been updated to clarify that it includes both real and tangible personal property, provided that the property is in an insurable condition and basic property insurance is not available in the voluntary market.

Additionally, the bill modifies the definitions related to the Louisiana Insurance Underwriting Plan (Coastal Plan) and the Louisiana Joint Reinsurance Plan (FAIR Plan) to include similar provisions for excluding corporeal movable property from coverage. These changes aim to provide more flexibility for policyholders while ensuring that the insurance market remains viable and responsive to the needs of Louisiana residents. Overall, the bill seeks to enhance the options available to policyholders under the Louisiana Citizens Property Insurance Corporation.

Statutes affected:
HB428 Original:
HB428 Engrossed:
HB428 Enrolled:
HB428 Act :