La. Offers Home Owner Insurer Incentives

Insurance premium discounts will be available in 2008 to Louisiana home owners who install storm mitigation improvement devices or build or retrofit their homes to comply with the State Uniform Construction Code according to Commissioner of Insurance Jim Donelon. Regulation 94, which provides details for the implementation of Act 323 of the 2007 Louisiana Regular Legislative Session, became effective on Jan. 20. Act 323 gives home owners incentives in the form of insurance premium discounts when building or retrofitting a structure to comply with the Louisiana State Uniform Construction Code. Insurance premium discounts for home owners pursuant to Regulation 94 will be available in 2008 after the insurers’ rate filing with the Louisiana Department of Insurance between March 31, 2008 and Jan. 1, 2009. This rate filing will include the new premium discounts when an owner builds or retrofits a structure to comply with the requirements of the State Uniform Construction Code, installs damage mitigation improvements, or retrofits their property utilizing construction techniques demonstrated to reduce the amount of loss from a windstorm or hurricane. Premium discounts apply to one or two-family owner occupied homes and modular homes. They do not apply to commercial or commercial residential properties with three or more units, or to manufactured or mobile homes. The Department of Insurance will post a brochure on home owner storm mitigation incentives on its Web site at www.ldi.state.la.us under the publications tab for insurance agents and home owners to access.