Tag: Louisiana home insurance

Louisiana’s Roof Upgrade Secret That Could Cut Your Insurance Costs by Nearly a Quarter

Angela Linders
Louisiana Fortify Homes Program

Fortified Roofs in Louisiana: A 22% Cut in Home Insurance Premiums For homeowners in Louisiana, the rising cost of home insurance has been a cause for concern, especially in hurricane-prone regions. However, fortified roofs are providing a glimmer of hope. Recent findings by the Louisiana Legislative Auditor reveal that upgrading to a fortified roof can slash home insurance premiums by an average of 22%, equating to annual savings of approximately $1,250. What Are Fortified Roofs? Fortified roofs are designed to withstand severe weather conditions, particularly high winds associated with hurricanes.…

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9 Louisiana insurance companies apply for new incentive program

Marc
Louisiana insurance - Apply Now

Commissioner Donelon released an update about the strategy to take the pressure off Citizens. Louisiana Insurance Commissioner Jim Donelon recently held a news conference during which he released an update about the new incentive program in the state. The announcement revealed that 9 insurers selling in the state have applied for the program. The Louisiana insurance program announcement was a follow up to the $45 million funding bill state legislators passed to allow the Department of Insurance in the state to form an incentive program to draw more insurers to…

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Louisiana Citizens to sharply hike home insurance rates

Marc
Louisiana Citizens - Home insurance rates hike

The insurer of last resort will be charging substantially more for coverage in a challenging market. Louisiana Citizens, the home insurer of last resort in the state, is setting up for substantial cost hikes that will be notably harder for many homeowners to afford, according to officials. The state’s home insurance market has been deeply struggling to the point of a rising crisis. “Some people’s insurance payments are going to be larger than their mortgage payments,” said a Louisiana Citizens official quoted by a recent report in The Advisor. In…

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2 Louisiana home insurance companies put into receivership

G. Turner
Home insurance companies

Commissioner Jim Donelon said he has placed the troubled insurers into receivership. Louisiana Commissioner Jim Donelon said he has placed two home insurance companies into receivership. The companies are Access Home Insurance Co. and State National Fire Insurance Co. Donelon placed the troubled insurers into receivership in the 19th Judicial District Court. He said that the decision on behalf of the home insurance companies is an important step in the direction of the Louisiana Insurance Guaranty Association taking control over claim payments. This is meant to make certain that policyholders…

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Farmers to raise homeowners insurance rates in Louisiana

S.Vagus
Louisiana homeowners insurance news

Farmers Insurance Exchange, a reciprocal insurance branch of the Farmers Insurance Group, is looking to raise homeowner’s insurance rates in Louisiana. The insurer has approached state regulators seeking approval for rate increases that would affect thousands of residents throughout the country. The Louisiana Department of Insurance is currently investigating the rate proposal. Regulators have not yet issued a preliminary report on whether the rate proposal seems excessive or not. The state is currently determining how the potential rate increase will affect consumers and the overall economy of Louisiana. The insurer…

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Owners of high value Louisiana homes can now choose customized P&C insurance coverage from PURE

Julie Campbell

Privilege Underwriters Reciprocal Exchange (PURE) has revealed that has enhanced its offerings for customized coverage through property and casualty insurance for homeowners of high-value, well-built Louisiana houses. According to the chief executive officer and president of PURE, Ross Buchmueller, two of the primary reasons that PURE is so keen to bring its customized services into the personal insurance marketplace in the state is because of the unprecedented investments that have been recently been made into the protection infrastructure of New Orleans and its surrounding area, as well as the professionalism…

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State Farm of Louisiana seeks approval for rate hikes on homeowner’s policies

S.Vagus

Insurance regulators in Louisiana are fielding a rate increase proposal from the state’s largest provider of home insurance, State Farm. The insurer is seeking approval to boost their premiums on homeowner’s policies by an average of 8.5%. According to the state’s Insurance Department, the rate increase will affect more than 300,000 policyholders and would net the insurer an additional $32.7 million in premiums annually. State Farm is pushing for approval and is planning on enacting the new rates on existing policies beginning October 1st. In March, State Farm submitted a…

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