Louisiana Citizens Property Insurance Corp. will be allowed to offer policies that will help owners of storm-damaged homes maintain coverage while they make repairs.
The Louisiana Insurance Rating Commission approved the idea in the face of the expected expiration of a special rule later this year that now required insurers to maintain coverage on such houses.
The policy, which will be available July 1, will enable homeowners to have coverage on the property while it is being repaired, even if it is unoccupied. Unlike normal policies, the Citizens coverage will allow homeowners to do their own work if they cannot find a contractor. The coverage is available only to victims of hurricanes Katrina and Rita.
Citizens Secretary Terry Lisotta said his group has been hiring new staff to make sure it is ready for an onslaught of customers.
“I expect a good response, though I don’t know what the numbers will be,” Lisotta said.
At its June 27 meeting, the commission also:
–Approved a request by Allstate Insurance Co. to raise rates on its condominium insurance program by as much as 35 percent. The company has about 2,400 such policies in Louisiana.
–Approved rate hikes of 48.6 percent and 17 percent on two different types of homeowners policies written by Shelter Insurance Co., which has about 17,408 customers.
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Information from: The Advocate, www.theadvocate.com.
Topics Louisiana Pricing Trends
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