Commissioner Donelon seeks extension on deadline for flood insurance claims

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Commissioner petitions FEMA to extend insurance claims filing period Louisiana Insurance Commissioner Jim Donelon is petitioning the Federal Emergency Management Agency (FEMA) to extend the deadline for homeowners to submit flood insurance claims. The vast majority of homeowners in the state receive their flood protection from the National Flood Insurance Program and per the provisions of the program these people are required to submit proof of loss forms within 60 days after a flood. This may be a problem for homeowners, however, as many have reported needing more time to…

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Businesses want a better flood insurance program

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Business leaders call for improvements to the National Flood Insurance Program Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the…

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Louisiana employee health insurance coverage may become more expensive

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Insurance coverage for the state’s retirees and current employees may soon become more costly Louisiana’s employee health insurance program may be out of money by the end of the state’s budget year, according to Commissioner of Administration Kristy Nichols. Governor Bobby Jindal has proposed significant changes to the program in order to avoid its financial collapse, but these changes have been heavily criticized by many of the state’s lawmakers. If no action is taken on the matter, insurance coverage for the state’s employees could become significantly more expensive. Rates for…

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Health insurance rates going up in Louisiana

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Policies purchased through state’s exchange will have higher premiums beginning in 2015 Those that have purchased health insurance coverage through the Louisiana exchange could see their rates increase in the coming year. The state’s Department of Insurance has announced that approximately 60,000 people that have purchased coverage through the exchange will see rate increases in the double-digits in 2015. This expectation of higher rates comes after receiving proposals from insurance companies. Many insurers are looking to raise the rates for the coverage that they provide in order to better position…

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Flood Insurance and Catastrophe

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Flood insurance is not something that many homeowners have, but they don’t necessarily know that they don’t have it. This is because flood protection is not a part of a conventional homeowners insurance policy. Most homeowners have to have insurance protection due to the provisions of their mortgage, but few people take the time to understand their policy and what protections it offers. As such, many people are often left at the mercy of natural disasters. In the United States, flood insurance is within the jurisdiction of the federal government.…

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

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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…

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Health insurance companies in Louisiana seek rate increases for 2015

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Insurers are looking to raise rates for their coverage beginning in 2015 Some health insurance providers in Louisiana have submitted rate increase proposals that have raised red flags among the state’s regulators. The rate increases are for policies that will be sold through the state’s exchange in 2015. Consumers will be able to purchase these policies beginning on November 15, when the exchanges latest open enrollment period is scheduled to begin. The rate increase proposals coming from insurers are to be reviewed by the state’s insurance regulators. Blue Cross and…

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