Tag: Jim Donelon

State Farm expected to raise Louisiana auto insurance rates

H. Cutner
Auto Insurance - Insurer

The insurer covers more than a quarter of all drivers in the state, many of whom will soon pay more. State Farm, the insurer that currently provides auto insurance coverage to about 29 percent of Louisiana drivers, is expected to raise its rates in the state. This will mean that more than a million people might find their premiums moving up. According to Louisiana Insurance Commissioner Jim Donelon, there are several reasons that State Farm is seeking to bump up its rates by double-digit average amounts. “This 17.3% rate increase…

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Louisiana Citizens to sharply hike home insurance rates

Marc
Louisiana Citizens - Home insurance rates hike

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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42K Louisiana home insurance policyholders were dropped last Friday

H. Cutner
Home insurance policy - paper with pen

The State Insurance Commissioner is scrambling to address the growing coverage crisis. Last Friday, a staggering 42,000 Louisiana home insurance customers learned that their policies were not going to be renewing and that they had 60 days to find a new policy to ensure uninterrupted coverage. This figure only adds to an already growing number of policyholders dropped by their insurers. According to Louisiana Insurance Commissioner Jim Donelon, there have been six home insurance companies that have completely withdrawn from the state and there are another fifty that have ceased…

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Auto insurance fines spark controversy in Louisiana

Marc
auto insurance ride share program

Louisiana Office of Motor Vehicles aims to collect on fines that are decades old Louisiana Insurance Commissioner Jim Donelon is taking aim at the state’s Office of Motor Vehicles. Last week, the agency issued notifications to consumers throughout the state, seeking to recoup millions of dollars in fines for auto insurance lapses. A significant portion of these fines are quite old, with some coming from violations dating back as far as 1986. Notices issued to consumers caused an outcry, which got the attention of the Louisiana Department of Insurance. State…

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Homeowners insurance market in Louisiana has healed, says Commissioner

Julie Campbell
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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