RS 22:1346.1: Definitions

As used in this Section, the following terms have the following meanings:

(1) "Homeowner" means a person who holds the title to a residential property located within the jurisdiction of this state.

(2) "Stated value policy" means a residential insurance policy under which the insured has the option to declare a stated value for the insured residential property, which is agreed upon by the insurer as the amount of insurance coverage, irrespective of the current market value of the property.