Insurance news from Louisiana includes loss of Farmers

Louisiana homeowners insurance news

The insurer is withdrawing its coverage from the state, dropping all of the lines of business under its own name. A company spokesperson from Farmers has made insurance news by announcing that the insurer would be dropping its homeowners and its auto policies within Louisiana, making a complete exit from the state under its name. That said, it will still be retaining the policies that it has sold under the names of its three other brands. The insurance news being made by Farmers involves dropping the lines of business that…

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Citizens Property Insurance of Louisiana looking to raise rates

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance aims to raise rates to cover reinsurance costs Louisiana’s Citizens Property Insurance, a state-run insurance organization that accounts for the majority of the state’s homeowners insurance policies, has announced that it is raising rates statewide this year. Citizens officials note that raising rates for coverage is a last resort option and that the many challenges currently facing the organization have sparked the need for higher rates. Higher reinsurance costs are being cited as one of the primary contributors to the organization’s need for higher rates. Insurers eyes…

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Homeowners insurance online tool for rates available to Louisiana residents

Louisiana homeowners insurance computer tool

State officials have released a web based tool for home and auto policy rate comparisons. The Louisiana Department of Insurance has just announced the launch of a new online tool that is available for residents of the state who are shopping for auto and homeowners insurance, to allow them to compare rates. This interactive online tool will help them to discover the best rates for suiting their needs. The automobile and homeowners insurance rate comparison guide is an online system that was created to allow residents to find the best…

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Health insurance comparison guide for 2013 Medicare supplement released

Medicaid insurance plans standards

The Louisiana Department of Insurance and senior counselors are helping beneficiaries for next year. With the 2013 open enrollment period growing closer to completion for Medicare health insurance beneficiaries, officials in the industry are now ready to help people to ensure that they make the right choices for their coverage. Assistance is now available for helping to make decisions and use the coverage more effectively. Louisiana Department of Insurance Senior Health Insurance Information Program (SHIP) has counselors who are working throughout the state to help beneficiaries of Medicare to choose…

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Homeowners insurance policyholders step away from Citizens

Homeowners Insurance

A growing number of customers in Louisiana are seeking coverage elsewhere. According to the homeowners insurance commissioner in Louisiana, there have been 6,877 policies that have now left Citizens and that are now being covered by private insurers. These property owners will benefit from the change because they will likely have lower premiums. Citizens homeowners insurance is currently facing a legal requirement which forces them to have to increase their premiums. By law, that insurer must now charge more. Therefore, the customers that have now moved their policies to private…

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Insurance news from Louisiana shows Citizens chief will not receive $50K raise

Insurance Commissioner Jim Donelon - Insurance News

Jim Donelon, the commissioner for the state, has rejected the pay increase for the company’s top exec. The CEO of Louisiana Citizens Property Insurance Corp., Richard Robertson, made insurance news when his pay raise of $50,000 was rejected by the state’s commissioner, Jim Donelon. The commissioner said that this is the wrong time for the raise, though the CEO’s work was praised. Commissioner Donelon said that Robertson has done good work as the CEO of the state-run property insurer, but that the timing of this salary increase was inappropriate. Donelon…

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Hurricane Isaac leads to out-of-pocket expenses in Louisiana

Insurance Commissioner Jim Donelon - Insurance News

Hurricane Isaac spurs unexpected expenses Louisiana continues to struggle in the wake of Hurricane Isaac, which struck the state and other in late August. Insurers and state officials have been working to repair the damage caused by the storm and assist those that have been displaced by the disastrous floods it caused. While state residents continue to piece their lives back together, they may soon face new problems from the state’s insurance industry. Insurance Commissioner Jim Donelon has announced that consumers can expect to see higher out-of-pocket expenses as a…

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