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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Farmers to raise homeowners insurance rates in Louisiana

Louisiana homeowners insurance news

Farmers Insurance Exchange, a reciprocal insurance branch of the Farmers Insurance Group, is looking to raise homeowner’s insurance rates in Louisiana. The insurer has approached state regulators seeking approval for rate increases that would affect thousands of residents throughout the country. The Louisiana Department of Insurance is currently investigating the rate proposal. Regulators have not yet issued a preliminary report on whether the rate proposal seems excessive or not. The state is currently determining how the potential rate increase will affect consumers and the overall economy of Louisiana. The insurer…

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Owners of high value Louisiana homes can now choose customized P&C insurance coverage from PURE

Privilege Underwriters Reciprocal Exchange (PURE) has revealed that has enhanced its offerings for customized coverage through property and casualty insurance for homeowners of high-value, well-built Louisiana houses. According to the chief executive officer and president of PURE, Ross Buchmueller, two of the primary reasons that PURE is so keen to bring its customized services into the personal insurance marketplace in the state is because of the unprecedented investments that have been recently been made into the protection infrastructure of New Orleans and its surrounding area, as well as the professionalism…

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State Farm of Louisiana seeks approval for rate hikes on homeowner’s policies

Insurance regulators in Louisiana are fielding a rate increase proposal from the state’s largest provider of home insurance, State Farm. The insurer is seeking approval to boost their premiums on homeowner’s policies by an average of 8.5%. According to the state’s Insurance Department, the rate increase will affect more than 300,000 policyholders and would net the insurer an additional $32.7 million in premiums annually. State Farm is pushing for approval and is planning on enacting the new rates on existing policies beginning October 1st. In March, State Farm submitted a…

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