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Citizens considers rate increase for coastal customer

1 year 6 months 3 weeks ago May 15, 2015 May 15, 2015 Friday, May 15 2015 May 15, 2015 7:35 AM in News
Source: Associated Press
By: Associated Press

BATON ROUGE- More than 65,000 homeowners in coastal parishes covered by the state's insurer of last resort could see their rates jump 10 percent after Aug. 16.

Under state law, Louisiana Citizens Property Insurance Corp. must charge 10 percent more than private insurance companies. However, the state Legislature passed a separate law that exempted a dozen coastal parishes from the added charge. That law expires Aug. 15, unless it is extended.

The Citizens board voted Thursday to prepare the new rate filing for those parishes, a process that will take roughly two months.

Sen. Dan Morrish says the law was originally intended to help coastal areas recover after hurricanes Katrina and Rita. Morrish says the exemption is expiring and no bills have been filed in the Legislature to renew the exemption.

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