Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1 was approved by the Louisiana Department of Insurance.
Citizens’ current policyholders will not be affected by the rate increase until they renew their policy after that date.
Louisiana law requires Citizens to charge at least 10% more than the highest qualifying market rate or 10% more than the actuarial rate for each of its policy types in each parish.
Policyholders with Citizens should be aware of the following:
• The rate increase will have no effect on your policy until it is renewed. For example, if you purchase a Citizens policy on November 1, 2022, your premium will remain unchanged until October 31, 2023.
• Citizens policyholders should contact at least three independent insurance agents on a monthly basis to obtain quotes from private insurers.
• The LDI anticipates an increase in the number of insurers writing policies in the coming months. If you find a policy with another insurer before the end of your Citizens policy term, Citizens will refund your unearned premium.