The Louisiana Department of Insurance has approved changes to the property insurance rate levels for personal lines policies written by Louisiana Citizens Property Insurance Corp. The approved rate changes are applicable to all new business and renewal policies effective June 1, 2012.
The approved revisions to the rates result in an overall increase of 10.8 percent for the FAIR Plan and 7.2 percent for the Coastal Plan policies.
The increase on a statewide basis is 10.5 percent.
An outline of the the rate level change by line of business and territory is available on the Louisiana Citizens website, http://www.lacitizens.com/RateLevelChanges.aspx.
The new rates were available for quoting April 2, 2012.
All policies effective on or after June 1, 2012 will be priced using the new rates, irrespective of when the quote was generated.