The state's property insurer of last resort has proposed raising homeowner's rates an average of 7.7 percent statewide this year.
The Advocate reports the Louisiana Citizens Property Insurance Corp.'s board said Thursday that the rate increase is being driven in part by higher reinsurance costs for coastal areas south of the Gulf Intracoastal Waterway.
Insurance Commissioner Jim Donelon says his department's new online system will make it easier for Louisiana residents to shop for the best insurance rates in their cities.
You can't get quotes for your house and car. The auto insurance guide compares quotes for a 2004, 2007 or 2010 Toyota Camry driven by people of different ages, with different driving records. The homeowners' guide compares premiums for a brick house that's less than one year old or 5, 15 or 25 years old, at varying coverage levels.
A state-run insurance company of last resort has agreed to settle two remaining class-action lawsuits tied to claims handled after hurricanes Katrina and Rita for $61 million.
The board for the Louisiana Citizens Property Insurance Corp. voted unanimously Thursday to settle the long-running lawsuits. Policyholders sued the company over the slow handling of claims after the hurricanes struck in 2005.
The board also authorized company CEO Richard Robertson to put a cap of $4,500 per claim.
The University of Louisiana-Monroe College of Business has been awarded a research contract from the Louisiana Department of Insurance to study and provide support for proposed legislative insurance reforms.
The News-Star reports the research is designed to provide support for proposals to improve the Louisiana insurance market, making insurance more widely available and rates more affordable.
The college has done work on the subject for several years under state contracts.
Homeowners will pay $54 on average next year on their insurance policies to cover bond payments being made by state-backed Louisiana Citizens Property Insurance Corp., which had to borrow nearly $1 billion to pay claims from hurricanes Katrina and Rita.
The board voted Thursday to impose a 3.74 percent assessment on all commercial and personal policyholders in the state starting Jan. 1.
BATON ROUGE — The board governing Louisiana's property insurer of last resort has agreed to drop rates by 10 percent across a dozen south Louisiana parishes, with the rate cut retroactive to June 7, when the reduction was signed into law.
The $16 million annual rate cut is for customers of the Louisiana Citizens Property Insurance Corp.
Citizens customers won't likely see a change on their bills until November, after the process for changing rates is complete. They'll get rebates for any money they paid above what they should have.