The 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 from their insurance policies. Specifically, the bill allows policyholders to request, in writing, the exclusion of tangible personal property from covered insurable property. If such coverage is excluded, insurers are permitted to calculate an actuarially justified reduction in premium.

Additionally, the bill updates definitions related to insurable property, clarifying that it includes both real and tangible personal property at fixed locations in Louisiana, provided that the property is in an insurable condition and basic property insurance is not available in the voluntary market. The amendments aim to provide more flexibility for policyholders while ensuring that the Louisiana Citizens Property Insurance Corporation can continue to operate effectively in providing essential property insurance coverage.

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