Louisiana home insurance customers with UPC might need new policies soon

Home insurance Policy Cancelled

Commissioner Donelon said that the first to be affected are those with Freddie Mac-backed mortgages. Louisiana Insurance Commissioner Jim Donelon is urging home insurance policyholders to find out if they are likely to lose their home insurance through UPC and to take action early if so. Florida-based United Property and Casualty is the latest insurer to find itself struggling in the state. The home insurance company will stop writing new policies in Louisiana starting January 1, 2023. “That is because their financial rating has been downgraded, to the point where…

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Business interruption insurance bill moves ahead in Louisiana Senate

Business interruption insurance - Agreed

The bill is meant to provide improved transparency in regard to this commercial coverage. Louisiana’s state Senate has advanced a business interruption insurance bill to provide greater transparency with this type of coverage. Over several weeks, many companies were surprised to discover their coverage didn’t cover pandemics. Senator Rick Ward (R-Port Allen) informed his colleagues that the dismay due to the lack of transparency in business interruption insurance was all too commonplace. The bill was introduced to try to improve the clarity of a policy’s coverage. Insurers have responded by…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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Louisiana car insurance is the least affordable in the country, says IRC study

Louisiana car insurance - Driver - car - steering wheel

Insurance Research Council data found the state to be the most expensive and has high delinquencies. The Insurance Research Council (I.R.C.) released data from a recent study showing that Louisiana car insurance is the least affordable in the United States. Moreover, the state is also among the highest for payment delinquencies in the country. These details help to show the market challenges faced by buy-here, pay-here vehicle sellers. The study pointed directly at Louisiana car insurance as the least affordable among all American states. The I.R.C. study indicated that there…

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Louisiana workers compensation sees few claims but high costs

Louisiana workers compensation - Worker - Construction

Employees in the state are less likely to be injured than in any other place across the country. The Louisiana workers compensation program functions in a curious way. Despite the fact that employees in the state are less likely to be injured than those in any other state, the coverage still comes with high costs. The costs of workers compensation insurance in the state have been steadily falling for years. Comparing the cost of Louisiana workers compensation clearly shows that the actual costs are dropping. In fact, this has been…

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