Louisiana Citizens Property Insurance Corp. plans a 22.1 percent rate increase for its 5,734 commercial policyholders, which could mean an increase of about $700 in the average policy premium. The new rates would take effect statewide Feb. 1 for new and renewing policies.
Citizens Chief Financial Officer Steve Cottrell said the increase will generate about $4 million in income for the company next year. He said the average business policy is now about $3,400 annually. Citizens policy premiums by law must be 10 percent higher than the most expensive private insurance in an area.
Citizens homeowner policies are expected to rise by an average of 8.3 percent for families living in 12 south Louisiana coastal parishes hit hard by Hurricanes Katrina and Rita in 2005. The parishes are Calcasieu, Cameron, Iberia, Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, St. Mary, St. Tammany, Terrebonne and Vermilion.
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