Tag: Louisiana insurance

Hurricane insurance claim deadline looms

H. Cutner
Hurricane insurance Isaac 2012

Policyholders who intend to make a claim related to flooding from Isaac must do so by today. Today marks the last day in which residents of Louisiana will be able to make hurricane insurance claims relating to losses from flooding that occurred as a result of Isaac. The National Flood Insurance Program has already applied three extensions to this deadline. Typically speaking, hurricane insurance for flooding has a claims deadline of 60 days from the time of the loss itself. However, the NFIP has given three different extensions to provide…

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Insurance news from Louisiana includes loss of Farmers

Louisiana homeowners insurance news

The insurer is withdrawing its coverage from the state, dropping all of the lines of business under its own name. A company spokesperson from Farmers has made insurance news by announcing that the insurer would be dropping its homeowners and its auto policies within Louisiana, making a complete exit from the state under its name. That said, it will still be retaining the policies that it has sold under the names of its three other brands. The insurance news being made by Farmers involves dropping the lines of business that…

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Citizens Property Insurance of Louisiana looking to raise rates

Marc
Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance aims to raise rates to cover reinsurance costs Louisiana’s Citizens Property Insurance, a state-run insurance organization that accounts for the majority of the state’s homeowners insurance policies, has announced that it is raising rates statewide this year. Citizens officials note that raising rates for coverage is a last resort option and that the many challenges currently facing the organization have sparked the need for higher rates. Higher reinsurance costs are being cited as one of the primary contributors to the organization’s need for higher rates. Insurers eyes…

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Insurance news from Louisiana shows Citizens chief will not receive $50K raise

Insurance Commissioner Jim Donelon - Insurance News

Jim Donelon, the commissioner for the state, has rejected the pay increase for the company’s top exec. The CEO of Louisiana Citizens Property Insurance Corp., Richard Robertson, made insurance news when his pay raise of $50,000 was rejected by the state’s commissioner, Jim Donelon. The commissioner said that this is the wrong time for the raise, though the CEO’s work was praised. Commissioner Donelon said that Robertson has done good work as the CEO of the state-run property insurer, but that the timing of this salary increase was inappropriate. Donelon…

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Homeowners insurance will likely not be impacted by Isaac

Julie Campbell
Homeowners flood Insurance hurricane sandy damage

It isn’t likely that premiums will change due to the hurricane in Louisiana. According to Louisiana’s insurance commissioner, Jim Donelon, the odds that hurricane Isaac will have any impact on the premiums paid by residents of the state in order to cover their homes is very slim. Donelon stated that it is now estimated that insured damage from Isaac will total $500 million to $1.5 billion. Hurricane Katrina was by far the most costly in terms of homeowners insurance costs. It brought in a total of $25 billion in damages. Rita…

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