State property insurer to hike rates by 68%

State property insurer to hike rates by 68%

As Louisiana continues to experience an insurer exodus, state property insurer Louisiana Citizens Property Insurance Corporation (Louisiana Citizens or Citizens) has requested a 63% rate hike on all new and renewed residential policies as of January 1, 2023.

With insurers fleeing the state after either becoming insolvent or refusing to write new policies south of I-12, more homeowners have flocked to Louisiana Citizens. On September 12, Louisiana Insurance Commissioner Jim Donelon revealed in a town hall meeting in Jefferson Parish that the insurer has 114,000 insurance policies, a dramatic jump from 37,000 in 2021.

Donelon

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