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Citizens Insurance in Louisiana dumps more policies

December 2, 2015December 1, 2015 Julie Campbell

Citizens Insurance Louisiana homeowners insurance property

The Insurance Commissioner from the state, Jim Donelon, has announced new participation in this effort. A recent announcement from Insurance Commissioner Jim Donelon has shown that three new insurers have added themselves to the efforts to reduce the number of policies carried by Citizens Insurance in Louisiana. Citizens Property Insurance Corp. has been working to shrink its size after becoming quite bloated. The state’s property insurance company of last resort had been swelling in size following Hurricane Katrina in 2005, and then hit its peak size following Hurricane Rita in…

Homeowners insurance market in Louisiana has healed, says Commissioner

August 14, 2015August 13, 2015 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…

Homeowners insurance rebate deadline nears for Louisiana Citizens

December 9, 2014December 6, 2014 Julie Campbell

The Department of Insurance in the state has now issued a reminder to policyholders about the cut-off date. Policyholders with homeowners insurance from are being reminded that there is a Citizens Property Insurance deadline that is now rapidly approaching by which an assessment rebate on policy must be claimed if they wish to take advantage of it. The Louisiana Department of Insurance has sent out a reminder to make sure policyholders complete the necessary steps. Jim Donelon, the commissioner in the state, has reminded homeowners insurance customers that the deadline…

Flood insurance becomes a powerful political tool in Louisiana

July 30, 2014July 28, 2014 Nordstrom

Lawmakers are beginning to use insurance as a way to sway voters Flood insurance is beginning to become a political platform in the U.S. It has been several months since Congress took action on the cost of flood protection, introducing new rules that delay rate hikes for a time. This has provided some homeowners with a reprieve from higher insurance rates, but coverage will eventually become significantly more expensive, especially as flood maps continue to be redrawn. Politicians are now beginning to use this issue to their advantage. Senator is…

Louisiana seeks to provide homeowners insurance policyholders with options concerning hurricane deductibles

July 24, 2014July 22, 2014 S.Vagus

State Farm’s hurricane deductibles spur request from state’s Insurance Commissioner State Farm has announced that it has begun reviewing a request from Louisiana Insurance Commissioner Jim Donleon regarding homeowners insurance. The Commissioner has issued a request to the insurer concerning the offering of a second deductible option for hurricanes. Commissioner Donelon notes that hurricane deductibles have become common in coastal states, where hurricanes are somewhat frequent. State Farm recently introduced a 5% deductible for its homeowners insurance policies in Louisiana. Deductible has attracted controversy from homeowners The deductible is meant…

Louisiana homeowners insurance rates at Citizens are headed up

January 24, 2014January 21, 2014 G. Turner

The insurer of last resort is now increasing the amount that policyholders must pay for coverage. Throughout the state, Louisiana homeowners insurance customers who have their coverage through Citizens are discovering that their rates are headed up yet again, regardless of whether they are covered for their homes or for wind-only policies. Other forms of coverage affected by the change include mobile home, renters, and condo policies. The average increase across all of these forms of Louisiana homeowners insurance and other affected forms of coverage is 5.2 percent. Following a…

Flood insurance in Louisiana comes under review

August 12, 2013August 10, 2013 Logan B.

Federal officials flock to Louisiana to examine flood insurance The National Flood Insurance Program has been a controversial topic for several years in the U.S. The federal program is typically the only place for homeowners to find the flood insurance protection they need. Those in risk-prone areas of the country have a heavy reliance on the program, which is a problematic issue in itself due to the program’s crippling financial troubles. In Louisiana, federal officials overseeing the program have begun touring the state in order to gain a better understanding…