Commissioner of Insurance Robert Wooley announced that the Louisiana Department of Insurance’s final estimate of Hurricane Ivan damage in Louisiana is $7,868,750.00.
That figure is based on a reported 3,760 claims paid following a survey of the major insurance carriers in the state.
“In my frequent meetings with insurance company executives, I use Hurricane Ivan as a prime example of why Louisiana is a good place for insurers to do business,” Commissioner Wooley said. “Unlike our neighboring coastal states with millions of dollars worth of beach-front residential and commercial developments, Louisiana has about 80 miles of marsh before you reach a highly populated area. So we have a cushion that other coastal states don’t have when a hurricane strikes.”
Wooley also reminds insurers that Louisiana has never been hit with billions of dollars in insured damages from a hurricane like other coastal states. The most devastating hurricane our state has seen in recent years was Hurricane Andrew in 1992, with $500 million in insured damages. Ivan is estimated to have caused billions of dollars in damages in the Mississippi, Alabama and Florida coastal regions.
Commissioner Wooley also recently honored 16 employees with the La. DOI’s Property and Casualty Consumer Affairs Division who took turns working 12-hour shifts, seven days a week through October, helping the Florida Insurance Department in the hurricane-ravaged areas near Pensacola.
Louisiana Department of Insurance employees helped Floridians contact their insurance companies when needing to make a claim. Wooley said the biggest problem consumers in Florida faced was not knowing what their policies covered.
“That’s why I always like to remind people that homeowners policies typically do not cover flooding,” Wooley said. The Commissioner added it is important to read your insurance policies and know what is and isn’t covered so you will be prepared in the event you have to make a claim.
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