Louisiana Citizens Property Insurance Archives

Louisiana Insurance Commissioner Jim Donelon won’t seek a 5th term

March 17, 2023March 15, 2023 G. Turner

In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…

Homeowners insurance premiums to fall in Louisiana

January 20, 2016January 19, 2016 Marc

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance is making cuts to homeowners insurance premiums Louisiana’s Citizens Property Insurance has announced that it will be lowering homeowners insurance premiums beginning on June 30. The state-run agency’s board of directors voted to approve rate reductions, which may reduce the financial pressure of homeowners with coverage through the state. Citizens Property Insurance notes that the driving factor behind rate reductions is the falling cost of reinsurance. This year, the cost of the agency’s reinsurance coverage is expected to fall by as much as 5%. Average cost of…

Homeowners insurance group seeks financial protection against hurricane season

July 26, 2013July 23, 2013 S.Vagus

Homeowners insurance group responds to threats of hurricane season With the peak of the 2013 hurricane season fast approaching in the U.S., Louisiana’s Citizens Property Insurance is looking to protect itself from the financial impact of possible storms. The state-run organization accounts for the majority of the homeowners insurance policies currently in effect throughout the state and primarily provides coverage to properties in coastal areas. Louisiana, like Florida, often falls victim to tropical storms and hurricanes during the hurricane season, but unlike Florida, the state has not managed to avoid…

Citizens Property Insurance of Louisiana looking to raise rates

January 15, 2013 Marc

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…

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

November 12, 2012April 30, 2013

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…

Citizens Insurance may be reaching the end of lengthy legal battle

July 27, 2012July 26, 2012 S.Vagus

Long-standing litigation could be nearing resolution Louisiana’s Citizens Property Insurance is in the throes of litigation due to the actions it had taken in 2005 during Hurricanes Katrina and Rita. A total of 18,573 plaintiffs filed a lawsuit against the state-run insurance company, claiming that it did not properly follow its own claims policies in the wake of the catastrophic hurricanes. The lawsuit has been tied up in the legal process for several years, but the issue may be close to reaching a resolution. Plaintiffs could receive some $3,000 by…

Louisiana Citizens Insurance awarded temporary court order concerning $105 million in assets

April 23, 2012May 26, 2012 S.Vagus

Citizens wins court order in long-standing legal battle with policyholders Louisiana’s Citizens Property Insurance, a state-run provider of insurance coverage for homeowners, has won a temporary court order that allows it to retain $105 million in assets that would have gone to policyholders. These policyholders are accusing the company of being late on adjusting claims relating to 2005’s Hurricanes Rita and Katrina. Citizens has long argued that adjustments were made appropriately, but this stance did not win the company favor with previous judgments that required the company to pay policyholders.…