2006 Louisiana Laws - RS 22:1477 — Delivery of homeowners\' insurance; disclosures
§1477. Delivery of homeowners' insurance; disclosures
A. In addition to any other requirement contained in law, the provisions of this Section shall govern the issuance of homeowners' insurance policies issued or delivered in this state which provide coverage for damage to property in this state.
B. No homeowners' insurance policy which provides coverage for damage to property shall be delivered or issued for delivery in this state with respect to any residential property unless the insurer advises the insured in writing, prominently displayed on a form developed and promulgated by the commissioner of insurance and in bold typed print of not less than a 14-point font as an insert in the front of the policy, of the following disclosures:
(1) Which coverages are included in the policy for which the insured has paid premiums.
(2) Whether or not the insured has coverage for flood or mold and whether an increased deductible is required for hurricane, wind, and/or named storm damage. The disclosure shall also state that flood insurance is available through the National Flood Insurance Program and that excess flood insurance may be available by a separate policy.
(3) A distinction between replacement cost for losses and actual cash value, the use of depreciation in determining payment for losses, and that the policy may contain time limitations for repairs to be completed in order to receive full replacement cost for the losses.
(4) That the policy determines the process for providing the insurer with a notification of a loss, and the time line provided by law, including R.S. 22:658 and 1220, of when a claim must be adjusted, settled, and paid, including an explanation of the possible penalties imposed on an insurer for failing to conform to the time requirements.
(5) That the insured may have the option to increase the deductible and thus lower the potential cost paid.
Acts 2006, 1st Ex. Sess., No. 42, §1; Acts 2006, No. 438, §1.
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