LOU LEG Immovable Property Policies


On May 29, LOU LEG passed bill re unimproved land, related matters.


  • LOU LEG enrolled HB 144 prohibiting homeowner policy coverage of unimproved land.
  • Create LOU INS 22-1339 (homeowners' policy, prohibited coverage unimproved land).
  • Key Bill Provisions
  • An insurer shall not deliver, issue, or renew a certain homeowner's insurance policy.
  • A homeowner's policy providing coverage for loss or damage to improvements upon immovable property that includes the value of unimproved land in coverage limits.
  • Legislative History
  • On Mar. 11, 2024, bill introduced in the House; on Apr. 3, 2024, bill passed the House.
  • On Apr. 3, 2024, bill was introduced in Senate; on May 16, 2024, bill passed in Senate.
  • On May 29, 2024, bill was enrolled and signed by leaders of both legislative chambers.
  • Effectiveness
  • Bills become effective on Aug. 1, of the calendar year in which regular session is held.
  • Jun. 2024 LOU LEG Governor Approval
  • On Jun. 11, 2024, LOU LEG informed bill was signed by governor, assigned Act 600.
  • Act becomes effective on Aug. 1, 2024.

Regulators LOU LEG
Entity Types Ins
Reference Act 600, 6/11/2024; Bill HB144, 5/29/2024; Citation: LOU INS 22;
Functions Actuarial and Valuation; Product Administration; Underwriting
Countries United States of America
Category
State
Products Insurance; Insurance-Property
Regions Am
Rule Type Final
Rule Date 5/29/2024
Effective Date 8/1/2024
Rule Id 213934
Linked to N/A
Reg. Last Update 6/11/2024
Report Section US Insurance

Last substantive update on 06/20/2024