HB 356 Louisiana House · 2025 Regular Session

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

HB 356 creates the "Stated Value Homeowner's Policy Act," allowing insurers to offer a new type of homeowner's insurance policy. This policy would cover a home's actual value at the time of loss (rather than replacement cost), directly affecting homeowners who choose this option and insurers who provide it. The bill modifies existing language to clarify that any insurer offering this specific policy option must follow defined requirements. The key change is making the insurer's obligation to provide this option discretionary ("may" instead of "shall"), giving insurers flexibility in offering the policy.

Bill status signed all 5 stages cleared

Introduction

Apr 2025

Committee Review

Jun 2025

House Passage

Jun 2025

Senate Passage

Jun 2025

Signed into Law

Jun 2025

Introduced Apr 3, 2025 Signed Jun 30, 2025

Maddy AI version diff · 4 comparisons

What changed between versions

HB356 Original → HB356 Act 480 · 5 edits

MODERATE

The bill was renamed from the 'Stated Value Homeowner's Policy Act' to the 'Stated Value Policy Act' and expanded to cover all residential properties rather than just homeowners. The scope was broadened to allow insurers to offer these policies to homeowners with or without mortgages, and a new section was added to protect public officials from liability when issuing these policies. Additionally, the bill now requires the insurance commissioner to provide consumers with specific educational materials explaining the risks and differences between stated value policies and other insurance types.

Scope change

The bill's scope expanded from strictly homeowners to all residential property owners, and the requirement for a mortgage payoff statement was removed for properties without mortgages.

DEFINITION

Renamed the act from 'Stated Value Homeowner's Policy Act' to 'Stated Value Policy Act' and updated the referenced statute section numbers.

ELIGIBILITY

Changed the requirement from a 'homeowner' to a 'residential property' owner, allowing the policy to apply to a broader range of property types.

REQUIREMENT

Removed the mandatory requirement for homeowners without mortgages to provide a mortgage certificate, allowing them to insure for any stated amount.

Mandated that the insurance commissioner distribute informational materials to consumers explaining the risks, disadvantages, and limitations of stated value policies.

ENFORCEMENT

Added a new provision shielding assessors and their employees from liability if they make errors related to property assessments for these policies.

Floor votes · Senate Jun 9, 2025 · House May 27, 2025

How they voted

37–0

Passed

Total votes 37

Jun 9, 2025

D Democratic11

11 Yea

100% Yea

R Republican26

26 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 11, 2025

Lower · Passed

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

lower

Jun 9, 2025

Upper · Passed

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.

upper

Jun 4, 2025

Upper · Passed

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

upper

May 27, 2025

Lower · Passed

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

lower

May 14, 2025

Lower · Passed

Reported favorably (8-7).

lower

Apr 14, 2025

Committee

Read by title, under the rules, referred to the Committee on Insurance.

lower

Apr 3, 2025

Committee

Under the rules, provisionally referred to the Committee on Insurance.

lower

1 primary · 44 co-sponsors