Reductions Coming For Some Louisiana Insurance Consumers
Many of the residents of Acadiana are customers of the Citizens Property Insurance Corporation which in the insurer of last resort in Louisiana. If you can't get another company to cover your home, then Citizens does so. Many people have seen major increases in premium prices since Hurricanes Rita and Katrina in 2005.
Governor Bobby Jindal has now signed a bill that will be helpful to consumers of Citizens as their rates will be cut. There are twelve parishes that get their coverage through Citizens.
The cut in prices will be ten percent for consumers of the Louisiana Citizens Property Insurance Program. The whole program is designed not to compete with other insurers in Louisiana as Citizens, by law, must charge rates that are 10 percent higher than the private insurers in an area.
The bill by Jennings Senator Dan "Blade" Morrish will waive that requirement in Calcasieu, Cameron, Vermilion, Iberia, St. Tammany, Orleans, Jefferson, St. Bernard, Plaquemines, St. Mary, Terrebonne and Lafourche parishes.
The change will take place at the beginning of August and will be in effect until 2015.
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