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State Farm raises Louisiana home insurance rates 10 percentPosted On Tue, May 11, 2010
The largest insurer of Louisiana residences, State Farm Fire and Casualty, was given the green light to increase homeowner's premiums by an average of 9.9 percent, the Associated Press reported on Monday.
The state's coastal areas are excepted to see most of the increase due to the fact that they are more hurricane-prone, according to the AP. State Farm justified it's rate increase by saying it needed a substantial amount of funds set aside for any future storms. This approval comes two months after the government originally rejected an average 19.1 percent increase.
Some areas will see home insurance rates rise much higher than 9.9 percent, the AP said. New Orleans will see a 17.7 percent rise, Lake Charles a 22.5 percent increase, and the largest change will be 26 percent for those living in the St. John the Baptist and St. James parishes. Decreases in premiums can be found in some areas, with Iberia, Assumption, and St. Charles getting a 6.7 percent dip.
New Orleans was exceptionally hard-hit by Hurricane Katrina in 2005.
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