The governing board of Louisiana Citizens Property Insurance Corporation, the state’s “last resort” property insurer, on Oct. 6 approved a 14 percent statewide average rate hike.
The Associated Press reported that with the increase some policyholders would see lower costs, while others would see rates go up.
The board approved the increase – which would raise premiums for the average policyholder by $224 to $240 per year – by a 4-3 vote.
The rate increase will go under review by the Louisiana Department of Insurance, which must approve or reject it, or send it back to Citizens for adjustments.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Topics Louisiana
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
Progressive Gains as Drivers Shop Around for Auto Insurance—Again 
GM Ends OnStar Driver Safety Program After Privacy Complaints 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
