[StBernard] La.'s state insurer gets OK to raise rates

Westley Annis westley at da-parish.com
Wed Jan 17 23:46:15 EST 2007


BATON ROUGE, La. (AP) - Louisiana's state-run insurer won approval for big
rate increases on Wednesday, meaning immediate, double-digit hikes in
insurance costs for homeowners and businesses along the coast.

The Louisiana Insurance Rating Commission approved an increase averaging
68.2 percent statewide for Citizens Property Insurance Corp. policyholders
with "wind damage only" policies. Also approved was a 7 percent statewide
average increase for the Citizens customers with homeowners policies that
exclude wind coverage.

The panel also approved a massive hike for Citizens' commercial property
insurance: 138.4 percent, on a statewide average, equalling $2.35 million
for 1,230 policyholders.

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The end of recovery for the southshore?





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