Louisiana SB355 requires insurers to offer a minimum 20% discount to participants in the Louisiana Fortify Homes Program.
Louisiana SB355 mandates that insurers provide a minimum 20% premium discount or rate reduction to insureds who retrofit their properties through the Louisiana Fortify Homes Program. This program, established by law, authorizes financial grants for retrofitting roofs to meet fortified standards. Insurers must comply with this requirement by October 1, 2027. If an insurer cannot meet the 20% discount, they must submit a proposed discount with actuarial justification to the commissioner of insurance. The commissioner can require a new proposal if the initial one is deemed unjustified.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.