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State insurance department approves 6.5 percent increase in home insurance rates for some LouisiananPosted On Tue, March 22, 2011
Financially, it just got a little more difficult for some people to live in the Big Easy.
According to the Associated Press, the Louisiana Insurance Department has agreed to increase the average home insurance premium by 6.5 percent for those participating in the state's insurer-of-last-resort program.
Speaking to the news service, Richard Robertson, chief executive of the Louisiana Citizens Property Insurance Corporation, said the board will likely formally approve the increase at a meeting on Friday and the new rates will go into effect on July 1.
Representatives for Citizens tell the AP that their policyholders will now pay an average of $1,730, as rates will increase approximately $127 per year.
According to state law, residents who participate in Louisiana Citizens are required to pay more than residents who purchase home insurance policies through private companies.
While the increase doesn't affect Louisiana homeowners in general, they already pay some of the highest home insurance rates in the country. And according to Insure.com, they also pay one of the highest annual premiums for auto insurance at $2,453 per year.
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