Commissioner Donelon Urges Vigilance Ahead of Tropical Storm Nate
Amy Fennell • October 6, 2017
FOR IMMEDIATE RELEASE
October 6, 2017
LOUISIANA DEPARTMENT OF INSURANCE OFFERS RESOURCES FOR HOMEOWNERS
Insurance Commissioner Jim Donelon is urging residents to be prepared and vigilant as Tropical Storm Nate continues to track towards the Gulf Coast.
“There remains some uncertainty as to the intensity of this storm when it makes landfall, but I urge residents to take steps, if they haven’t already, to prepare for its potential impact,” said Commissioner Donelon.
The Louisiana Department of Insurance offers the following insurance checklist:
Conduct a thorough home inventory. Thorough documentation of your belongings will help in the event you must file an insurance claim. You can find details on how to make an inventory at www.ldi.la.gov/inventory.
Store copies of all your insurance policies in a safe location away from your home that is easily accessible in case of disaster. You may want to store your policies and inventory in a waterproof, fireproof box or in a safe and remote location such as a bank safe deposit box. Consider leaving a copy of your inventory with relatives, friends, or your insurance provider and store digital pictures in your email or on a website for easy retrieval.
Know your coverages. Check with your agent to find out if there is a hurricane deductible written into your policy. For example, a two percent hurricane deductible would require you to pay two percent of the insured value of your home instead of the usual deductible you pay when you have other types of losses. Keep a readily available list of contact information for each of your insurance providers or agents.
In the event you experience property damage, make temporary repairs to prevent further damage. For example, a hole in the roof should be covered by a tarp or other materials. Keep the receipts for materials you buy and do not make permanent repairs until your insurance company has inspected the damage. Do not put yourself at risk in order to make such temporary repairs.
Quick facts about Flood Insurance
Homeowners policies DO NOT cover most flooding. You need a separate flood insurance policy to protect your home and belongings against flood damage.
Your automobile insurance policies cover flooding if you have purchased comprehensive coverage. If you only have liability coverage, your vehicle is not covered for flood damage.
You can buy flood insurance, even if your home has been flooded before. However, there may be a 30-day delay before flooding is covered. See your insurance agent for details or visit the National Flood Insurance Program website www.floodsmart.gov.
For more information, visit the Louisiana Department of Insurance webpage on hurricane preparedness at www.ldi.la.gov/hurricanes.
About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.
This week, the Legislature remained in high gear, and several items relevant to Louisiana’s real estate market moved into focus. The biggest headline for our industry this week was HB 468 by Rep. Troy Hebert , our wholesaling/consumer-protection bill, was slated to be heard on the House floor, however was bumped due to floor congestion and out-of-order bills. It is now expected to be reset for next Tuesday. This bill remains one of the clearest “market integrity” efforts on the board with clearer rules for non-traditional transactions, stronger transparency and better consumer protections. We also continued substantive policy work behind the scenes. We are actively engaging with Rep. Carver on a vacant land disclosure bill he has authored, and we appreciate that he is welcoming our input and guidance as the language is refined. Our goal is straightforward: ensure any vacant land disclosure framework is practical, reduces confusion and avoids unintentionally shifting liability or enforcement burdens onto real estate professionals. In addition, we were pleased to deepen our relationships at the Capitol this week. We had the privilege of hosting a lunch for the Governor’s Office, enjoyed meeting Governor Landry’s team, and look forward to working with them in a constructive, solutions-oriented manner as the session continues. Finally, Rep. Hebert also filed an additional measure that aligns with our legislative agenda and speaks directly to transaction risk management: HB 1027 , which would limit liability for licensed real estate appraisers in situations involving smoke and carbon monoxide detector compliance. The current law already provides that real estate agents are not liable for a seller’s failure to comply with Louisiana’s detector requirements in one- or two-family dwellings. HB 1027 would extend that same liability protection to licensed appraisers by amending R.S. 40:1581(F). This is a clean, common-sense clarification that helps prevent appraisers from being pulled into compliance disputes that properly belong with the seller’s statutory obligations. Next week, committees are scheduled to hear multiple bills relevant to real estate, including measures involving construction and roofing standards (often tied to insurance and mitigation), property rights/expropriation, and property tax and adjudicated property issues that can influence housing supply and neighborhood reinvestment. We will stay closely engaged and will flag any bills or amendments that materially affect transactions, homeownership costs or private property rights. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates.
Louisiana REALTORS® is compiling a cookbook of Louisiana flavor with a REALTOR® heart in support of the REALTORS® Relief Foundation . And we have two ways for you to get involved: Join us in contributing your favorite recipe using this online form. If you want to include a picture with your recipe, send to info@larealtors.org and reference recipe title in email subject. Or share your creativity by designing the cover artwork for the cookbook. A small committee will review all entries and choose one to print on the cover. Stay tuned for more details on when you can grab your own copy of the cookbook! Cover artwork and recipes are due by April 17th.
Week three of the Regular Session kept real estate issues in the conversation, even as lawmakers continued to focus heavily on workforce, tax and insurance policy. On the property tax front, measures to reshape assessments and exemptions, including proposals for a new blight rehabilitation exemption and additional relief for seniors, remain parked in the House Ways and Means Committee as stakeholders work through fiscal and local government concerns. These bills matter because they will influence long-term carrying costs, redevelopment incentives and how tax burdens are shared across residential and commercial property. Homestead related legislation, including parish level authority to increase the exemption amount, is also in the queue, signaling that the broader structure of Louisiana’s homestead system is officially on the table, not just the dollar figure. For homeowners and buyers, this debate goes directly to affordability. For local governments, it raises revenue stability and service delivery questions. There also has been movement on several identical pieces of legislation that would instruct parish assessors to develop a process for homeowners to permanently register for the homestead exemption for the duration that they own and live on the property. We are actively tracking legislation that will directly shape how investor activity and non-traditional transactions are recognized and regulated in Louisiana’s real estate market. This includes HB 468 by Troy Hebert , a key component of the Louisiana REALTORS® legislative package that targets the wholesale of residential real estate, which was heard in the House Commerce Committee on Monday. The bill is currently positioned for a floor vote early next week. As drafted, HB 468 represents a major step in the right direction for consumer protection in Louisiana, advancing needed guardrails through potential disclosure, registration, and practice standards that could redefine how assignment contracts and “off-market” transactions intersect with licensed brokerage activity. In parallel, HB 292 by Delisha Boyd passed the House on final reading, 86-3, and is on its way to the Senate. Together, these measures represent a coordinated policy effort to bring greater structure and transparency to emerging transaction models, while preserving the integrity of the traditional brokerage framework. Finally, the broader policy backdrop remains important: the Governor continues to push income tax changes and cost of living relief, while business and industry groups are prioritizing insurance, workforce and energy — each a key driver of long run housing demand and investment. As these debates evolve, we’ll keep you updated on what moves, what stalls and what it all means for your clients, your pipeline and private property rights across Louisiana. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates.
