Louisiana Commissioner Prescribes Required Separate Deductible Form
Louisiana Commissioner Prescribes Required Separate Deductible Form
Louisiana Commissioner Prescribes Required Separate Deductible Form
On August 3, 2022, the Louisiana Department of Insurance (LDI) published Bulletin 2022-04 regarding the prescribed form for named storm, hurricane, and wind and hail deductible notice for homeowners' insurance.
Pursuant to House Bill 317 (Act 331), which was enacted on June 10, 2022 and becomes effective on January 1, 2023, the Commissioner is required to prescribe a separate form to provide notice to insureds of the applicable named storm, hurricane, and wind and hail deductible under their homeowners’ insurance policy. The Notice of Homeowners’ Insurance Policy Deductible (the “form”) shall specify the amount of each deductible as either a specific dollar amount or a percentage of the total insured value of the property. Bulletin 2022-04 attaches the prescribed form for property/casualty and surplus lines insurers' use.
Questions regarding Bulletin 2022-04 or its application should be directed to the Office of Property and Casualty, at (225) 342-5203, or by email at public@ldi.la.gov.