Louisiana Citizens to sharply hike home insurance rates

Louisiana Citizens - Home insurance rates hike
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The insurer of last resort will be charging substantially more for coverage in a challenging market. Louisiana Citizens, the home insurer of last resort in the state, is setting up for substantial cost hikes that will be notably harder for many homeowners to afford, according to officials. The state’s home insurance market has been deeply struggling to the point of a rising crisis. “Some people’s insurance payments are going to be larger than their mortgage payments,” said a Louisiana Citizens official quoted by a recent report in The Advisor. In…

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Louisiana consumers who filed home insurance claims have differing satisfaction levels

Home insurance claims - Claim Form

While some residents who filed with insurers in the last two years are satisfied, many are not. New research shows that Louisiana residents who filed home insurance claims within the last two years are split regarding their satisfaction with their experience. The research showed that there is a nearly even split between those who were satisfied and those who weren’t. The research was conducted by the Public Policy Research Lab at the LSU Manship School of Mass Communication’s Reilly Center for Media & Public Affairs. What they found was that…

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Louisiana insurance companies to pay $100 million for Ida losses of 2 failed insurers

Louisiana Insurance - Payout

The insurers operating within the state will be paying that amount to cover the claims from the hurricane. Louisiana insurance companies are gong to be charged at least $100 million to make the payments for the claims owed by two insurers in the state that failed in the wake of Hurricane Ida. Ultimately, the cost of paying off the insolvent insurers’ claims payments will land on the state. The Louisiana insurance companies that make the payments on behalf of the failed insurers will eventually recover the money they paid out…

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New Louisiana insurance regulation will assist those affected by Hurricane Laura

Louisiana insurance regulation - Destruction after natural disaster

State residents who continue to be without electricity may benefit from the new rule. Survivors of the disaster left behind by Hurricane Laura may benefit from a new Louisiana insurance regulation until their electricity is turned back on. The new emergency rule applies to policyholders in the state implemented by Commissioner Donelon. The new emergency Louisiana insurance regulation allows homeowners and business policyholders to file claims during times when hundreds of thousands of residents of the Southwestern part of the state remain without electricity. It is meant to provide these…

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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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