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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Citizens Insurance may be reaching the end of lengthy legal battle

Hurricane Katrina insurance industry

Long-standing litigation could be nearing resolution Louisiana’s Citizens Property Insurance is in the throes of litigation due to the actions it had taken in 2005 during Hurricanes Katrina and Rita. A total of 18,573 plaintiffs filed a lawsuit against the state-run insurance company, claiming that it did not properly follow its own claims policies in the wake of the catastrophic hurricanes. The lawsuit has been tied up in the legal process for several years, but the issue may be close to reaching a resolution. Plaintiffs could receive some $3,000 by…

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