Louisiana Citizens Property insurance | Citizens Insurance Company (2022)

Like other home insurance companies in the region, Louisiana Citizens Property Insurance has excessively high premiums for homeowners coverage. The main reasons are more or less the same: too many potential perils in the area occur at a higher frequency.

Natural disasters such as floods, wind storms, and hurricanes frequently affect Louisiana. With such a high risk of total property destruction, insurers logically charge higher premiums. One of the oldest insurers in the area is Louisiana Citizens Insurance, which has also had to initiate price hikes in recent years as a series of natural events has caused billions in damages.

Louisiana Citizens Property insurance | Citizens Insurance Company (1)

Louisiana Insurance Rates have Increased in Recent Years

Almost all insurance types have seen rate increases in Louisiana in recent years. While homeowner’s premiums have surged, other coverages, including life, health, and automobile, have followed the same trend. Rates are going up in the region due to the very high possibility of devastating natural disasters, and many residents are struggling each month just to make the premium payments.

(Video) Citizens Property Insurance cites growing underwriting losses

Unlike what happens in other states with fewer natural disasters, Louisiana Citizens Property insurance company might deny coverage if it poses too much risk.

Insurance carriers, not unlike any other business, are trying to make a profit and are likely to lose money selling coverage in very high-risk areas of Louisiana.

Insurers in areas with frequent natural disasters often lose massive amounts of money when a severe storm hits. Not only do homes get damaged, but vehicles sustain flood damages and are often totaled. To stay in business and make a profit, providers have no choice but to raise premiums.

Carriers Use Models to Predict the Costs Associated with Natural Disasters

Insurers use sophisticated modeling algorithms to project the outcome and damage storms might bring. Citizens Home Insurance also uses this type of modeling to calculate the rates charged for coverage. Natural disasters are variables that can bring a great deal of coverage cost fluctuation.

It’s almost impossible that a house comes out intact after being struck by a flood or hurricane. The problem is that a hurricane attacks an area altogether, including residential areas, highways, and even empty land. In the event of a major disaster, everything will be in danger, including people, houses, cars, and animals. Get a free online home insurance quote from Citizens Insurance and compare rates in about five minutes.

(Video) Louisiana homeowners have more time to find new insurance

Louisiana Citizens Property Insurance Company, Risky Coverage

The government provides the state-owned Louisiana Citizens Property Insurance Corporation allowances to accommodate the demand for insurance. It is the equivalent of Citizens Property Insurance Florida, and both of these entities are not-for-profit insurers.

Louisiana Citizens Property Insurance has some critical differences from other large insurance companies. The fact that the government owns Louisiana Citizens Property Insurance Corporation means you have the backing and financial support in the event of catastrophic losses.

You are allowed to purchase coverage as long as you are a citizen of Louisiana. The benefits are that you will not have to worry about rejection even if your properties are located in areas prone to destruction. On the other hand, there is always a chance that a private property company will reject your application or fail to pay any claim due to bankruptcy. As it has the full backing of the state, Louisiana Citizens Property Insurance claims will certainly be paid out.

Louisiana Home Insurance Costs More

Louisiana Citizens Property Insurance tends to be more expensive than other private insurers in other markets. As stated previously, this is a not-for-profit company, and Citizens will not use the money you pay for coverage for any purpose other than developing services for policyholders.

It’s worth mentioning that every marketing initiative to get customers is the same as other private companies. You will need to contact a licensed agent to help you through the entire process of buying coverage. You can ask about any related issues, such as quotes, payment, and procedures for filing a claim.

(Video) Thousands of Louisiana homeowner's insurance policies cancelled

The bottom line is Louisiana Citizens Property Insurance Corporation is a state-owned insurance company that runs its non-profit business in the state. The premium rates can be pretty expensive, yet it is the safest bet to protect your financial investments (in the form of properties) if you live in Louisiana. It would be best to consider this a last resort if it’s hard to get coverage from private companies. Compare Citizens Homeowners Insurance quotes online, and start by entering your zip code.

Louisiana Citizen Property Insurance is a Trusted Provider

People living in the Great Lake State region are blessed with natural resources and a vast industrial environment. This area includes eight US states, including Louisiana, Indiana, New York, Minnesota, Wisconsin, Pennsylvania, and Florida. However, homeowners have one problem: it is hard to find cheap yet reliable home insurance companies.

The cost of home Ins in the region is among the highest across the nation. As a result, to save money, homeowners choose to purchase a limited range of coverage, meaning they have to sacrifice safety and security to avoid excessive expenses. Louisiana Citizens Property Insurance has to face severe competition in the market indeed. Still, since the region is known for its inclement weather, it can be difficult for any of them to reduce the base price for home insurance.

There are simply too many insurance perils, including tornadoes, winter blizzards, and storms. Besides the weather problem, Louisiana has one more issue that makes almost all companies avoid providing coverage: casualty. The West Nile virus, Lyme disease, and other afflictions can easily lead to excessively high premium fees.

Among all companies running ins businesses in the region, Louisiana Citizens Insurance is one of the most reliable. It has a well-proven track record concerning property and casualty insurance. It should be the first choice for people in Louisiana or anywhere else in the Great Lake region to consider. In contrast, Citizens Property Insurance Corporation, similarly named, is a not-for-profit insurer.

(Video) 80K lawsuits filed against insurance companies in 2020, doubling homeowners insurance premiums

The Louisiana Citizens Property Insurance is a Not-for-Profit Company

Shareholders have owned the Citizens Property Insurance firm, and it has paid cash dividends to shareholders since 1953. The good thing about this is that homeowners or policyholders run the company. In other words, the subscribers and people who buy coverage from the business are considered shareholders.

It is a for-profit insurer, yet every profit earned will be given back to policyholders. In other words, people who purchase coverage from Citizens Ins. also take part in developing the company’s effort to provide the best property and casualty insurance.

Citizens Insurance is a Holding Company

The holding company is Citizens Property insurance, which runs its business in Louisiana under the name of Citizens Homeowner Insurance. It offers a broad range of coverage for property and casualty for individuals, families, and businesses. It stands among the 25 best ownership and casualty insurers in the country. Additionally, the company achieves excellent financial ratings by major independent researchers such as A.M. Best, Moody’s, and Standard & Poor.

The Citizens Property firm started this business in 1852, and it is now one of the 500 largest companies that publicly traded shares in the United States of America. If you currently live in Louisiana, holding a Louisiana Citizens Property Insurance can be considered the best option available to get your home and life insured. Since you also own the company, once you buy the Citizens coverage, get your properties and life protected and make great investments.

Compare Citizens Homeowners Insurance Online

Do you live in Louisiana and need the cheapest home insurance coverage possible? If so, compare the best rates and plans online in about five minutes. You can even call a Citizens Insurance agent toll-free to get a quote over the phone.

(Video) Homeowners in a panic after Louisiana insurance company is placed in liquidation

All you need to do is fill out a quick application, and you will get multiple quotes from Citizens and competing providers. Start saving money today on the best homeowners coverage.

Videos

1. Citizens Insurance looming rate hike affects hundreds of thousands of Florida homeowners
(WPBF 25 News)
2. Property insurance companies continue to drop Florida customers
(ABC Action News)
3. Lighthouse Homeowners insurance liquidation leaves customers in the lurch
(ABC Action News)
4. Attorney Fred Herman discusses Louisiana legislature and Citizens Insurance Company
(Stephen Sabludowsky)
5. Homeowners insurance crisis: Some Florida seniors worry they'll lose property
(WFLA News Channel 8)
6. Best home insurance in Florida after the rate increase
(Think Insurance)

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