Louisiana recovers funds from homeowners insurance providers, as well as others

Citizens Louisiana homeowners insurance

State agency recovers $5.1 million in insurance claims throughout 2015, resolving consumer complaints The Louisiana Department of Insurance has announced that it has recovered some $5.1 million in insurance claims in 2015. Insurance Commissioner Jim Donelon notes that state regulators have been working with representatives from several insurance companies to resolve complaints associated with a wide range of coverage. The majority of the funds recovered by state regulators have been recovered from the property/casualty sector, as well as the health insurance sector. According to the Department of Insurance, more than…

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Homeowners insurance premiums to fall in Louisiana

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance is making cuts to homeowners insurance premiums Louisiana’s Citizens Property Insurance has announced that it will be lowering homeowners insurance premiums beginning on June 30. The state-run agency’s board of directors voted to approve rate reductions, which may reduce the financial pressure of homeowners with coverage through the state. Citizens Property Insurance notes that the driving factor behind rate reductions is the falling cost of reinsurance. This year, the cost of the agency’s reinsurance coverage is expected to fall by as much as 5%. Average cost of…

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Homeowners insurance from Citizens may be getting pricier (again)

Louisiana homeowners insurance news

Louisiana residents with this coverage may soon be paying more for their coverage later in 2016. Residents of Louisiana who purchase the homeowners insurance of last resort in the state may soon find that their rates are going to be higher than they had been last year, if Citizens gains approval for an increase request that they have submitted. The increases wouldn’t go into effect until later this year, but property owners should prepare themselves. Should the homeowners insurance rate increases be approved, it will be residents of Terrebonne and…

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Citizens Insurance in Louisiana dumps more policies

Citizens Insurance Louisiana homeowners insurance property

The Insurance Commissioner from the state, Jim Donelon, has announced new participation in this effort. A recent announcement from Insurance Commissioner Jim Donelon has shown that three new insurers have added themselves to the efforts to reduce the number of policies carried by Citizens Insurance in Louisiana. Citizens Property Insurance Corp. has been working to shrink its size after becoming quite bloated. The state’s property insurance company of last resort had been swelling in size following Hurricane Katrina in 2005, and then hit its peak size following Hurricane Rita in…

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Homeowners insurance market in Louisiana has healed, says Commissioner

Hurricane Katrina Flood Damage homeowners insurance

According to Jim Donelon, this marketplace has now finally rebounded from Hurricane Katrina. Since Hurricane Katrina and the massive devastation that it left behind, Louisiana has managed to come a very long way in revitalizing its tourism, real estate, and homeowners insurance markets, according to a recent statement from the state’s commissioner, Jim Donelon. The state’s “insurance market has rebounded and flourished” since that terrible time in its past. When Hurricane Katrina smashed through Louisiana in 2005, it left $25 billion in insured losses behind, following 725,000 claims in that…

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Homeowners insurance rebate deadline nears for Louisiana Citizens

Citizens Insurance Louisiana homeowners insurance property

The Department of Insurance in the state has now issued a reminder to policyholders about the cut-off date. Policyholders with homeowners insurance from are being reminded that there is a Citizens Property Insurance deadline that is now rapidly approaching by which an assessment rebate on policy must be claimed if they wish to take advantage of it. The Louisiana Department of Insurance has sent out a reminder to make sure policyholders complete the necessary steps. Jim Donelon, the commissioner in the state, has reminded homeowners insurance customers that the deadline…

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Flood insurance becomes a powerful political tool in Louisiana

flood insurance premiums storm news

Lawmakers are beginning to use insurance as a way to sway voters Flood insurance is beginning to become a political platform in the U.S. It has been several months since Congress took action on the cost of flood protection, introducing new rules that delay rate hikes for a time. This has provided some homeowners with a reprieve from higher insurance rates, but coverage will eventually become significantly more expensive, especially as flood maps continue to be redrawn. Politicians are now beginning to use this issue to their advantage. Senator is…

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