Posted: Apr 1, 2010 3:40 PM by Melissa Canone
BATON ROUGE, La. (AP) - The board of Louisiana Citizens Property
Insurance Corp. has decided to increase rates for its homeowner
Citizens originally proposed a 10 percent increase last year but
after further review by the state Department of Insurance, the
suggested increase was cut to 7 percent on Thursday. That amounts
to an increase of about $14 million on new and renewed policies.
Citizens, Louisiana's property insurer of last resort, is
required by law to set its rates 10 percent higher than private
Last month, the company boosted rates for commercial property
coverage by an average 4.7 percent.