Policies continue to go up for Louisiana Citizens, the state’s insurer of last resort.
The corporation is set to file for a 63 percent rate hike on all new or renewed residential policies as of Jan. 1, 2023.
Louisiana Insurance Commissioner Jim Donelon said at a town hall meeting yesterday that Citizens is currently at 114,000 policies, up from just 37,000 in 2021.
As insurance companies continue to leave Louisiana, either becoming insolvent or refusing to write new policies south of I-12, more homeowners are being forced onto the state-backed insurer of last resort.
Donelon said his goal is to get more companies writing policies in Louisiana, in order to stoke competition and drive down premiums.
Donelon said he plans to impose a program that has not been used since Hurricane Katrina, incentivizing private companies to start writing policies in the state. But he said that funding from the state legislature will be needed for that program.
