Louisiana Citizens rate hike insurance incentive programs

As insurance concerns in Louisiana continue for thousands of people on the state’s insurance of last resort, many are bracing for more issues on the horizon. The Louisiana Insurance Commissioner, Jim Donelon, confirmed that Louisiana Citizens is proposing a 63 percent rate hike that could go into effect on January 1. Donelon said a solution is on the way in the event that the hike does happen. He said he is trying to fund an incentive program that the legislature has already approved. The program would lure insurers into the market to write policies and bring prices down. Donelon said this is one of many other plans in the works to help Louisiana residents with homeowners insurance challenges. “That relief is that incentive program that will bring companies to our state to do business with requirement, they’ll get incentive money to do so, but with requirement that they take policy out of citizens and put them on their private book of insurance which is always cheaper than citizens,” said Donelon. Donelon said if a homeowner is written a Louisiana Citizen’s policy they will have 12 months before the rate hike would go into effect.

As insurance concerns in Louisiana continue for thousands of people on the state’s insurance of last resort, many are bracing for more issues on the horizon.

The Louisiana Insurance Commissioner, Jim Donelon, confirmed that Louisiana Citizens is proposing a 63 percent rate hike that could go into effect on January 1.

Donelon said a solution is on the way in the event that the hike does happen.

He said he is trying to fund an incentive program that the legislature has already approved.

The program would lure insurers into the market to write policies and bring prices down.

Donelon said this is one of many other plans in the works to help Louisiana residents with homeowners insurance challenges.

“That relief is that incentive program that will bring companies to our state to do business with requirement, they’ll get incentive money to do so, but with requirement that they take policy out of citizens and put them on their private book of insurance which is always cheaper than citizens,” said Donelon.

Donelon said if a homeowner is written a Louisiana Citizen’s policy they will have 12 months before the rate hike would go into effect.

Comments are closed.