Farmers Insurance Exchange is asking for an average 39 percent statewide increase for its 25,500 insured homeowners in Louisiana.
The state Insurance Department is examining the request, which was filed last week. Details on which areas would receive the largest increases – or decreases – are not public until Insurance Commissioner Jim Donelon decides on the request.
Farmers said the full increase would total $14.6 million.
Donelon told The Advocate that Farmers is reducing the amount of coverage it writes in coastal states. In 2008, the company had 40,000 Louisiana homeowners.
Company spokesman Jerry Davies told The Associated Press that an increasing number of fire and storm claims led to the request.
Farmers last received a homeowners’ rate hike in 2009 ranging from 6.9 percent to 15.5 percent.
Was this article valuable?
Here are more articles you may enjoy.