Louisiana HB881 amends homeowners' insurance rate filing and claims settlement requirements.
Louisiana HB881 modifies the procedures for rate filings and claims settlement in the homeowners' insurance market. It allows the commissioner of insurance to approve a rate filing before the notification periods expire and clarifies the commissioner’s authority to verify statistical data. The bill also specifies that insurers must include general contractor overhead and profit in first-party fire and extended-coverage claim payments when the use of a general contractor is reasonably foreseeable, applying to both replacement cost and actual cash value policies.
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