The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…
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Hurricane insurance in Louisiana takes center focus for Citizens
The insurer of last result is concentrating on settling severe weather lawsuits. Citizens Property Insurance Corp. in Louisiana is working to negotiate the settlements of the last two hurricane insurance class action lawsuits that it has been handling regarding the claims from Katrina and Rita. The board has voted to authorize two settlement negotiator groups to work on establishing agreements. According to the CEO of Citizens, Richard Robertson, “The board really would like to get these cases resolved and move forward.” Any of the proposals that are made will be…
Read MoreHurricane insurance payout in Louisiana tops $104 million
Judgment is with regards to class action suit regarding claims from Katrina. The Louisiana Citizens Property Insurance Corp. has been ordered to pay $104 million to over 18,500 of its hurricane insurance policyholders following a class action suit judgment against the insurer’s slow adjustment of the Katrina and Rita claims in 2005. The money was transferred to the plaintiffs’ attorney, Fred Herman, on Monday. According to Herman, the plaintiffs who are eligible to receive a portion of the payout should expect to receive their checks within the upcoming three to…
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