Insurance Commissioner Jim Donelon says companies that took advantage of the newly funded Insure Louisiana Incentive Program have written over 17 thousand homeowner insurance policies as of May 31st. Donelon says the program is working to reduce the number of Citizens policyholders, which is much more expensive than private insurance.
“We’re pleased with the start. We are looking at the numbers closely. It has benefitted primarily the five parishes most in need.”
The top five parishes for new policies are Jefferson, Orleans, St. Tammany, Terrebonne, and St. Charles. Donelon says SafePoint Insurance has been approved to take nearly 20 thousand policies out of Louisiana Citizens during the upcoming round of depopulation.
“We’re expecting as this program produce, 15 years ago after Katrina and Rita, that about 40 perhaps as high as 50 thousand of those policies will come out in the first year.”
Donelon says getting policyholders out of Citizens is vital to the state’s economic recovery. He urges all Citizens policyholders to contact their agents to be notified if they have an opportunity to leave Citizens…
“Reach out to your agent. Found out if you’re one of those that they’re offering but not being approved for takeout. Don’t sleep at the switch. Ask if there’s an opportunity for you to get out of Citizens.”
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