Live Insurance News

Flood insurance becomes a powerful political tool in Louisiana

July 30, 2014July 28, 2014 Nordstrom

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…

Louisiana seeks to provide homeowners insurance policyholders with options concerning hurricane deductibles

July 24, 2014July 22, 2014 S.Vagus

State Farm’s hurricane deductibles spur request from state’s Insurance Commissioner State Farm has announced that it has begun reviewing a request from Louisiana Insurance Commissioner Jim Donleon regarding homeowners insurance. The Commissioner has issued a request to the insurer concerning the offering of a second deductible option for hurricanes. Commissioner Donelon notes that hurricane deductibles have become common in coastal states, where hurricanes are somewhat frequent. State Farm recently introduced a 5% deductible for its homeowners insurance policies in Louisiana. Deductible has attracted controversy from homeowners The deductible is meant…

Louisiana homeowners insurance rates at Citizens are headed up

January 24, 2014January 21, 2014 G. Turner

Citizens Insurance Louisiana homeowners insurance property

The insurer of last resort is now increasing the amount that policyholders must pay for coverage. Throughout the state, Louisiana homeowners insurance customers who have their coverage through Citizens are discovering that their rates are headed up yet again, regardless of whether they are covered for their homes or for wind-only policies. Other forms of coverage affected by the change include mobile home, renters, and condo policies. The average increase across all of these forms of Louisiana homeowners insurance and other affected forms of coverage is 5.2 percent. Following a…

Flood insurance in Louisiana comes under review

August 12, 2013August 10, 2013 Logan B.

Federal officials flock to Louisiana to examine flood insurance The National Flood Insurance Program has been a controversial topic for several years in the U.S. The federal program is typically the only place for homeowners to find the flood insurance protection they need. Those in risk-prone areas of the country have a heavy reliance on the program, which is a problematic issue in itself due to the program’s crippling financial troubles. In Louisiana, federal officials overseeing the program have begun touring the state in order to gain a better understanding…

Homeowners insurance group seeks financial protection against hurricane season

July 26, 2013July 23, 2013 S.Vagus

Homeowners insurance group responds to threats of hurricane season With the peak of the 2013 hurricane season fast approaching in the U.S., Louisiana’s Citizens Property Insurance is looking to protect itself from the financial impact of possible storms. The state-run organization accounts for the majority of the homeowners insurance policies currently in effect throughout the state and primarily provides coverage to properties in coastal areas. Louisiana, like Florida, often falls victim to tropical storms and hurricanes during the hurricane season, but unlike Florida, the state has not managed to avoid…