Louisiana Commissioner Temple Seeks $20M for Fortify Houses Program – Cyber Tech

Louisiana Insurance coverage Commissioner Tim Temple expects lawmakers to allocate at the very least $20 million to the Lousiana Fortify Houses Program throughout the legislative session that begins on Monday.

The funds would utilized to this system to be used within the subsequent fiscal 12 months. The Fortify Houses Program grants as much as $10,000 for owners to improve their roofs to requirements set by the Insurance coverage Institute for Enterprise & Dwelling Security.

“Mitigation efforts just like the Louisiana Fortify Houses Program show our dedication to growing the resiliency of Louisiana’s properties and companies, which is crucial for attracting insurers to our market and conserving our residents secure,” Temple mentioned in a press release.

The Louisiana State Legislature allotted $30 million to the Fortify Houses Program in 2023, the primary 12 months of this system. This system was one in every of former Louisiana Insurance coverage Commissioner Jim Donelon’s closing initiatives to deal with the state’s property insurance coverage disaster.

As of the top of 2023, this system had taken 3,000 candidates, of which the primary 1,500 have been required to be Residents policyholders.

A $20 million allocation to this system for the upcoming fiscal 12 months could be $15 million greater than Louisiana Gov. Jeff Landry really useful within the state funds, in line with a report from the Louisiana Legislative Fiscal Workplace.

Temple in a press release mentioned he has acquired help for “absolutely funding” this system from everybody he’s spoken with, from Landry to state legislators to members of the insurance coverage business.

Temple is anticipated to eliminate the Insure Lousiana Incentive Program, one other initiative spearheaded by Donelon. This system gives state-funded grants to insurers who decide to writing a certain quantity of enterprise within the state.

Final 12 months lawmakers allotted $55 million to this system. Seven insurers acquired grants between $2 million and $10 million. Collectively they wrote greater than 50,000 insurance policies in 2023, primarily in southern Louisiana.

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Louisiana