State Farm customers in northeastern Louisiana may soon be paying more for their homeowners insurance as the company looks to state regulators for approval of a rate increase of 19.5%. The insurer claims that higher rates are the result of recent fires, tornados and other natural disasters occurring in the state. Insurance Commissioner Jim Donelon says that he has never before experienced such a steep increase in insurance rates, especially in the northern part of the states that are not often subject to such rate increases. The rate at which…
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Louisiana insurance rebates remain unclaimed by policyholders eligible to claim the money
Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…
Read MoreProperty insurance rates getting more and more competitive
Homeowners may actually start getting a break on their insurance policies; at least in Louisiana. A few new insurance companies have started business there; where just a few years ago they were closing shop and leaving. The homeowner’s didn’t have a lot of choice as far as insuring their homes; if they could get coverage at all. Now it looks like change is on the way. A survey done in 2008 showed Louisiana had the third highest insurance rates in the nation; leaving homeowner’s paying an average of $1400…
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