Louisiana parish to see fire insurance rates fall considerably
The state commissioner, Jim Donelon, has told East Feliciana Parash to expect to save money this year.
A number of regions throughout Louisiana are going to feel a bit of a relief when it comes to the amount that they are paying for their fire insurance coverage, this year, as rates are expected to fall.
This, according to a statement that was made by Louisiana Insurance Commissioner Jim Donelon.
Donelon explained that the fire insurance rates are expected to start to fall as of July 6. This will be a welcome savings to the people who live in the affected parishes. Those who should be saving the most include homeowners who are living within Jackson, those outside of the corporate limits of Jackson, as well as those in Wilson, and the people who live outside the corporate limits of Wilson.
The parish has undergone a number of improvements to help to reduce its risk, making fire insurance cost less.
The reason that these insurance rates are going to be dropping is because of the improvement that those two cities have now been given in their fire protection ratings. Where they had previously been placed in a Class 5, they are now being placed into a Class 4, which means that their risk is lower to the degree that it is worthwhile covering them for a lower rate.
This means that insurance companies are more comfortable charging less in order to cover the risk of fire because there is a reduced chance of expensive and/or widespread damage occurring. Certainly, this is a welcome change for homeowners that have become used to paying the same amount or even an increased rate over the last few years.
That said, it is important to note that the actual amount that the fire insurance premiums will be reduced will vary from one homeowners to the next. There are a number of different factors that come into play including the home’s location in terms of its fire district, the value of the property itself, and even just the insurance company’s own rate schedule. The savings will certainly be welcome among these policyholders.