louisiana Citizens Property Insurance Corp. News

2.3% Rate Hike for Louisiana Citizens Property Insurance Approved

Louisiana’s property insurer of last resort will raise personal property insurance rates by 2.3% this year, the state insurance department said. The increase is in line with current inflation rates and evidences stability and appropriate rates in Louisiana’s residential insurance …

Louisiana Citizens Opens Search for Catastrophe Service Vendors

Request for Proposals Announcement Louisiana Citizens Property Insurance Corp. (“LCPIC”), has released a new request for proposals for vendors to service insurance claims after a catastrophe, such as in response to a hurricane. Proposals from applicants can be submitted on …

Leadership Changes Coming for Louisiana Citizens Property Insurance

The Louisiana Department of Insurance reported that the leadership of Louisiana Citizens Property Insurance Corp. will change in 2018. Two long-serving employees, Chief Operating Officer Vijay Ramachandran and Chief Financial Officer Steve Cottrell are retiring. Joseph Sciortino will step into …

Louisiana Citizens Property Insurer Plans Rate Changes

Almost all of the Orleans Parish homeowners who buy coverage from the state insurer of last resort could see their rates drop 6.3 percent if the Louisiana Insurance Department approves proposed rate reductions. The Advocate reports a mix of rate …

Dec. 31 Is Deadline to Claim Louisiana Property Insurance Rebates

Louisiana Insurance Commissioner Jim Donelon is reminding property insurance policyholders that the deadline to claim a rebate for the Louisiana Citizens Property Insurance Corp. assessment charged on their 2011 insurance policies is Dec. 31, 2015. Nearly $34 million, or 52 …

Louisiana Citizens Looks to Shed Questionable Insurance Deductible

Louisiana Citizens Property Insurance Corp. may soon end the longstanding, and apparently unique, practice of selling policies that include a $10,000 deductible for non-hurricane damage. Chief Financial Officer Steve Cottrell tells The Advocate the percentage of personal lines policies with …

Louisiana Citizens Property Insurance CEO Resigns Unexpectedly

The chief executive officer of state-backed Louisiana Citizens Property Insurance Corp. abruptly resigned following a closed session of the insurer’s board of directors to discuss personnel matters. The Advocate reports David Thomas, a 40-year veteran of the insurance industry, declined …

Rate Change Ahead for Louisiana Citizens Insurance Commercial Customers

Premiums for almost all of Louisiana Citizens Property Insurance Corp.’s commercial customers will increase an average of 2.3 percent beginning in February, under a proposed rate filing. But the 307 customers whose properties lie below the Gulf Intracoastal Waterway will …

Louisiana’s Homeowners Market Stronger 9 Years after Katrina

Louisiana’s property insurance market is vastly improved nine years after Hurricane Katrina devastated the state on Aug. 29, 2005, largely due to the implementation of statewide building codes and strategies that have helped create a more competitive marketplace, according to …

Louisiana Citizens Insurance Initiates Home Depot Claims Program

Louisiana Citizens Property Insurance Corp. will connect its policyholders with experienced, licensed and insured local contractors in a program with Home Depot. The state’s property insurer of last resort says the free and optional Property Pro-Net service is designed to …