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LouisianaHB 3562025 Regular SessionHouseWALLET

INSURANCE/PROPERTY: Creates the Stated Value Homeowner's Policy Act

Sponsored By: Jacob Braud (Republican)

Signed by Governor

Commerce, Consumer Protection and International AffairsInsurance

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 2 costs, 1 mixed.

Homeowners gain coverage choices with limits

Louisiana insurers may offer stated-value home policies when homeowners or their authorized agents request them; offering them is optional. The homeowner declares a coverage amount, and the insurer must agree to it, regardless of current market value. The general coverage minimum is the property's total assessed fair market value on its latest parish assessment. Homeowners without a mortgage may request any stated amount. A stated-value policy cannot cover less than the verified outstanding mortgage balance.

Homeowners get coverage notices and warnings

Insurers offering stated-value policies must prominently disclose their availability in proposals, agreements, and renewal papers. Before issuing coverage limited to the unpaid principal on all mortgage loans, insurers must obtain the insureds' signed statement. It must warn of significant financial loss, including lost home equity, when losses or repairs exceed that balance. The warning must use bold type at least 18 points in size.

State explains homeowners' coverage risks

Louisiana's insurance commissioner must explain stated-value policies, their risks, and how they compare with replacement-cost and actual-cash-value coverage. Materials must include tips for comparing options and asking insurers questions. The commissioner must maintain a dedicated website section and send materials to homeowners at least once every two years. Distribution can use mail, email, or other approved methods, and materials must be reviewed and updated periodically. The Insurance Department can enforce the law, adopt rules, and penalize insurers through fines or license suspension or revocation.

Homeowners must submit mortgage records

Louisiana homeowners choosing stated-value coverage must submit mortgage records to their insurer. A written payoff statement from the mortgage holder must show the mortgage's status when they apply or renew. They must also provide a court clerk's mortgage certificate showing whether a mortgage exists.

Property assessors gain protection from liability

The law bars liability against property assessors and their employees for duties under this section. This protection covers both performing those duties and failing to perform them. People seeking to hold assessors liable for those actions lose that legal recourse.

Sponsors & Cosponsors

Sponsor

  • Jacob Braud

    Republican • House

Cosponsors

  • Adrian Fisher

    Democratic • House

  • Beryl Amedée

    Republican • House

  • Chad Brown

    Affiliation unavailable

  • Roy Daryl Adams

    Democratic • House

  • Delisha Boyd

    Democratic • House

  • Jessica Domangue

    Republican • House

  • Kathy Edmonston

    Republican • House

  • Ken Brass

    Democratic • House

  • Kim Carver

    Republican • House

  • Les Farnum

    Republican • House

  • Marcus Anthony Bryant

    Democratic • House

  • Michael Robert Bayham Jr.

    Republican • House

  • Phillip DeVillier

    Republican • House

  • Robby Carter

    Democratic • House

  • Ryan Bourriaque

    Republican • House

  • Stephanie H. Berault

    Republican • House

  • Tehmi Jahi Chassion

    Democratic • House

  • Vincent E. Cox III

    Republican • House

  • Wilford Carter Sr.

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 210 • No: 37

House vote • 6/11/2025

Read by title, roll called, yeas 82, nays 12, Senate amendments concurred in.

Yes: 82 • No: 12

Senate vote • 6/9/2025

The amended bill was read by title, passed by a vote of 39 yeas and 0 nays, and ordered returned to the House. Motion to reconsider tabled.

Yes: 39 • No: 0

House vote • 5/27/2025

Read third time by title, amended, roll called on final passage, yeas 81, nays 18. Finally passed, title adopted, ordered to the Senate.

Yes: 81 • No: 18

House vote • 5/14/2025

Reported favorably

Yes: 8 • No: 7

Actions Timeline

  1. Signed by the Governor. Becomes Act No. 480.

    6/30/2025House

  2. Effective date: 06/30/2025.

    6/30/2025House

  3. Signed by the President of the Senate.

    6/12/2025Senate

  4. Sent to the Governor for executive approval.

    6/12/2025House

  5. Rules suspended, called out of its regular order.

    6/11/2025House

  6. Called from the calendar.

    6/11/2025House

  7. Read by title, roll called, yeas 82, nays 12, Senate amendments concurred in.

    6/11/2025House

  8. Enrolled and signed by the Speaker of the House.

    6/11/2025House

  9. Read by title, returned to the calendar.

    6/10/2025House

  10. Notice given.

    6/10/2025House

  11. Scheduled for concurrence on 06/11/2025.

    6/10/2025House

  12. Rules suspended. Called from the Calendar.

    6/9/2025Senate

  13. The amended bill was read by title, passed by a vote of 39 yeas and 0 nays, and ordered returned to the House. Motion to reconsider tabled.

    6/9/2025Senate

  14. Received from the Senate with amendments.

    6/9/2025House

  15. Scheduled for concurrence on 06/10/2025.

    6/9/2025House

  16. Rules suspended.

    6/8/2025Senate

  17. Read by title and returned to the Calendar, subject to call.

    6/8/2025Senate

  18. Reported with amendments. Rules suspended. Committee amendments read and adopted. Read by title and referred to the Legislative Bureau.

    6/4/2025Senate

  19. Reported without Legislative Bureau amendments. Read by title and passed to third reading and final passage.

    6/4/2025Senate

  20. Read second time by title and referred to the Committee on Commerce, Consumer Protection and International Affairs.

    5/29/2025Senate

  21. Received in the Senate. Read first time by title and placed on the Calendar for a second reading.

    5/28/2025Senate

  22. Read third time by title, amended, roll called on final passage, yeas 81, nays 18. Finally passed, title adopted, ordered to the Senate.

    5/27/2025House

  23. Read by title, returned to the calendar.

    5/20/2025House

  24. Notice given.

    5/20/2025House

  25. Scheduled for floor debate on 05/27/2025.

    5/20/2025House

Bill Text

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