La. Fire Ins. Premiums May Go Down

Three fire departments in Louisiana’s Jeffers on Parish are set to receive higher fire ratings in June, which could save property owners in Marrero and Harvey as much as 15 percent on their fire insurance premiums. The New Orleans Times-Picayune reported that the three volunteer fire departments of Jefferson Parish’s District 8 will be upgraded from Class 3 to Class 2 June 10. Insurers use these ratings to determine premium rates for property owners. Some 63,000 residents in the district, which stretches from the Harvey Canal to the Marrero-Westwego line and from the Mississippi River to the West Bank hurricane levee, could be affected by the rate change. Not all residents could see savings, however: State Farm, one of Louisiana’s largest homeowners insurers, recently won approval for a 12 percent premium increase, which could nullify any savings policyholders would see from improved fire ratings.

Topics Trends Louisiana Pricing Trends