Sw Louisiana News

Congressman Clay Higgins has reintroduced a bill aimed at improving the availability of homeowners insurance following natural disasters. The legislation, known as the Restoring Competitive Property Insurance Availability Act, seeks to provide incentives for insurance companies to continue offering coverage in disaster-stricken areas.

"The American people have witnessed insurers terminate policies and abandon states before and after major disasters, leaving many with limited insurance options while destroying their financial security," stated Congressman Higgins. "My bill would incentivize property insurance providers with reduced tax burden to encourage them to remain after a natural disaster."

The need for such measures is underscored by a Senate Budget Report highlighting Louisiana as one of the top 10 states experiencing high non-renewal rates. This issue is not confined to Louisiana but is being felt across the nation.

Under the proposed bill, changes would be made to the U.S. tax code allowing insurers to deduct income earned in disaster areas for five years following a federally declared disaster. This provision would apply only within affected regions and require that insurers had been operating there prior to the disaster.