House Bill No. 356, known as the Stated Value Homeowner's Policy Act, aims to enhance homeowner insurance options in Louisiana by requiring property and casualty insurers to offer a stated value homeowner's policy. This policy allows homeowners to declare a specific value for their residential property, which will serve as the basis for insurance coverage, rather than relying solely on the property's market value. The bill outlines definitions for key terms such as "homeowner," "property and casualty insurer," and "stated value homeowner's policy," and mandates that insurers prominently disclose these policy offerings in all relevant documents provided to consumers.

Additionally, the bill establishes requirements for homeowners opting for this policy, including the submission of a written payoff statement from their mortgage holder and a mortgage certificate from the clerk of court. Insurers are prohibited from issuing a stated value policy for less than the verified outstanding mortgage balance, ensuring that coverage reflects the homeowner's financial obligations. The Louisiana Department of Insurance is tasked with enforcing the provisions of this act and may impose penalties on insurers that violate its terms. The act will take effect upon the governor's signature or after the designated time for gubernatorial action.