§ 22:1344 — Residential flood coverage; policy types

Louisiana § 22:1344

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1344. Residential flood coverage; policy types
A. In addition to excess flood insurance, insurers may issue any of the following
types of residential flood coverage:
(1) Standard flood insurance, which covers only losses from the peril of flood in a
manner equivalent to that provided under the National Flood Insurance Program, including
standard flood deductibles and adjustment of losses.
(2) Preferred flood insurance, which includes all of the following:
(a) The same coverage as standard flood insurance.
(b) Coverage for losses from water intrusion originating from outside the structure
that are not otherwise covered by a flood policy.
(c) Coverage for additional living expenses.
(d) A requirement that any loss under personal property or contents coverage be
adjusted only on the basis of replacement costs up to the policy limits.
(3) Customized flood insurance, which includes coverage that is broader than the
coverage provided under standard flood insurance.
(4) Flexible flood insurance, which covers losses from the peril of flood and may
also include coverage for losses from water intrusion originating from outside the structure,
that is not otherwise covered. Flexible flood insurance shall include one or more of the
following provisions:
(a) An agreement between the insurer and the insured that the flood coverage is in
a specified amount, such as coverage that is limited to the total amount of each outstanding
mortgage applicable to the covered property.
(b) A requirement for a separate named storm or hurricane deductible.
(c) A requirement that flood loss to a dwelling be adjusted in accordance with R.S.
22:1264 or adjusted only on the basis of the actual cash value of the property.
(d) A restriction limiting residential flood coverage to the principal building defined
in the policy.
(e) A provision including or excluding coverage for additional living expenses.
(f) A provision excluding coverage for personal property and contents as to the peril
of flood.
(5) Supplemental flood insurance, which may provide coverage designed to
supplement a flood policy obtained from the National Flood Insurance Program or from an
insurer issuing standard or preferred flood insurance pursuant to this Section. Supplemental
flood insurance may provide coverage for any of the following:
(a) Jewelry.
(b) Art.
(c) Deductibles.
(d) Additional living expenses.
(e) Other coverage permitted by law.
B. An insurer writing residential flood policies may issue flood insurance that covers
losses from the peril of flood using either or both of the following:
(1) A definition of "flood" other than that in R.S. 22:1341.
(2) Terms and conditions other than those used in the policy types described in
Subsection A of this Section.
C. Notwithstanding Subsections A and B of this Section, insurers offering private
flood insurance may continue using policy forms filed and approved before January 1, 2022.

Legislative History

Acts 2021, No. 77, §1, eff. Jan. 1, 2022.