rate cut

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.