Live Insurance News

Homeowners insurance through Citizens in Louisiana is hanging in there

September 10, 2012April 30, 2013

Isaac claims have left the last resort insurer in pretty good shape. Though Hurricane Isaac certainly left its mark and was considered to be a “fairly significant event” for the homeowners insurance of last resort, Louisiana Citizens Property Insurance Corp., the insurer was still able to cover the claims that came in and had the resources that it needed ready and waiting. This insurance news was released by Richard Robertson, the insurer’s chief executive. Citizens is the homeowners insurance company that sells its policies to people within the state who…

Homeowners insurance policyholders may find themselves paying more for Isaac

September 8, 2012September 7, 2012 Julie Campbell

Many residents of the metro New Orleans area may face greater out of pocket expenses. Due to the fact that Isaac came ashore in the form of an actual hurricane, having been upgraded from a tropical storm, residents with homeowners insurance in the area of metro New Orleans are finding that they are paying more for wind damage repairs they face. This is because the deductibles for many of the more recent policies are higher for hurricanes. Homeowners insurance policies that have been written over the last few years include…

Citizens Property Insurance prepares for Tropical Storm Isaac

August 27, 2012August 26, 2012 S.Vagus

Citizens Property Insurance begins preparations for a potentially powerful storm Florida’s Citizens Property Insurance is preparing for the coming of Tropical Storm Isaac. The storm has lashed the Florida Keys, causing a modest amount of damage in the region, but is making its way further into the Gulf of Mexico. The storm is expected to make landfall, where the National Hurricane Center suggests that it could gain hurricane strength. The government agency has issued warnings stretching from Louisiana to parts of the Florida panhandle, encouraging states and consumers to prepare…

Farmers to raise homeowners insurance rates in Louisiana

April 13, 2012May 28, 2012 S.Vagus

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…

Insurance payout judgment faces another delay

March 20, 2012March 20, 2012 Julie Campbell

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…

Louisiana insurance regulators recover more than $5 million after receiving thousands of complaints from consumers

February 14, 2012 Nordstrom

The Louisiana Department of Insurance has announced that consumers will be eligible to receive more than $5 million in rebates from various insurance companies in the state. State regulators recovered the money after consumers filed an overwhelming number of complaints in 2011. Half of the money comes from complaints regarding life insurance and annuities benefits, while the other half comes from complaints regarding property/casualty insurers. The Department of Insurance has received approximately 3,453 complaints from consumers, down from 4,347 in 2010. Most of the complaints revolve around claims that insurers…

Louisiana Citizens Property Insurance seeks to raise rates by 10.5% throughout the state

January 16, 2012January 16, 2012 Nordstrom

Homeowners in Louisiana may see their insurance rates jump as the state’s own Citizens Property Insurance company proposes new, higher rates. The state-run insurer, which accounts for more than 120,000 policies, is looking to raise rates throughout the state by an average of 10.5%. For some parts of the state – particularly those near the coast – these rates will be higher. Insurance Commissioner Jim Donelon is currently reviewing the rate increase proposal to see if it is needed in the current market. The insurer claims that higher rates are…