Louisiana Citizens Board Approves Increase

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.