The Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) Board of Directors voted last week to end the 1.36% assessment it makes on all residential and commercial property insurance policies in the state in April of this year. The assessment, which goes toward paying off bonds for debt Louisiana Citizens incurred from claims for hurricanes Katrina and Rita, was previously set to end in June 2026.
“When Commissioner Temple took office and became Chair of the Citizens Board of Directors, he encouraged our staff to find innovative ways for Louisiana Citizens to operate more efficiently and find savings for policyholders,” said Louisiana Citizens CEO Richard Newberry.
“I appreciate Richard and his team’s dedication to running a sound insurer of last resort for the people of Louisiana,” said Commissioner Tim Temple. “While the savings policyholders will see as a result of this change are not that significant when compared to the high premiums we all pay for property insurance, every little bit helps as we work to create a more available and affordable market in Louisiana.”
While the assessment is going away for all property insurance policyholders in the state this April, Louisiana Citizens policyholders will also begin receiving a waiver on the 10% Citizens surcharge when they begin a new policy or renew their existing policy after Jan. 1, 2025. The waiver will remain in effect for three years and was authored by Senate Insurance Committee Chairman Kirk Talbot as part of Commissioner Temple’s package of property insurance reform legislation in 2024.
Source: LDI
Photo: Aerial closeup of the Louisiana State Capitol Building and welcome center in Baton Rouge
Topics
Louisiana
Property
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