21% Property Rate Hike Approved in La. May Affect 8,500

Louisiana regulators approved a property insurance rate change on Aug. 15, a statewide average rate increase of over 21 percent that will affect roughly 8,500 policyholders.

The Louisiana Insurance Rating Commission approved the rate increase request from the Teachers Insurance Company, a subsidiary of Illinois-based Horace Mann Insurance Company.

The rate change will affect policyholders depending on geography, with those closer to the coast facing hikes of more than 21 percent and those farther north possibly getting rate reductions.

The commission also approved a 12.5 percent average statewide increase for 654 homeowners who have policies directly from Horace Mann.