Washington, D.C. – Congressman Clay Higgins (R-LA) introduced H.R. 1545, the Restoring Competitive Property Insurance Availability Act, which would protect insurance availability for Louisiana homeowners and business owners by encouraging insurers to continue coverage after a federally declared disaster.
Congressman Higgins’ bill would amend the U.S. tax code and allow insurers to deduct income made in a disaster area for five years after a federally declared disaster. This provision would take effect after a major disaster declaration and would be limited to the impacted area. To qualify, providers must have been located within the impacted area and providing coverage prior to disaster.
Read the legislation here.
Congressman Higgins issued the following statement:
“Insurance companies fleeing Louisiana after a natural disaster has been a problem for decades. After recent disasters, Louisianans have witnessed insurers terminate policies and abandon the state, leaving many with limited insurance options while destroying their financial security. My bill would incentivize property insurance providers by greatly reducing the tax burden and encouraging them to remain in state after a natural disaster.”