Louisiana faces home insurance “crisis” as more companies leave

Home insurance - Crisis - Rocks

Over 20 insurers have exited the state or have gone bankrupt within the last two years. Thousands of Louisiana residents are struggling to find affordable home insurance coverage as insurers continue to leave the state following years of catastrophic storms. The storms have been increasing in both frequency and intensity, leaving expensive damage behind. Louisiana has been the center of the destruction and devastation left behind by several major storms in recent years. As a result, the cost of doing business in the state has been skyrocketing for home insurance…

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2 Louisiana home insurance companies put into receivership

Home insurance companies

Commissioner Jim Donelon said he has placed the troubled insurers into receivership. Louisiana Commissioner Jim Donelon said he has placed two home insurance companies into receivership. The companies are Access Home Insurance Co. and State National Fire Insurance Co. Donelon placed the troubled insurers into receivership in the 19th Judicial District Court. He said that the decision on behalf of the home insurance companies is an important step in the direction of the Louisiana Insurance Guaranty Association taking control over claim payments. This is meant to make certain that policyholders…

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