NEW ORLEANS — Finally! State lawmakers are finally giving homeowners rate relief from some of the highest insurance rates in the state. The credit goes to two local lawmakers: state Representative Matt Willard, a New Orleans Democrat, and state Senator Kirk Talbot, a River Ridge Republican.
They’ve reached a compromise on Willard’s idea of ending the 10 percent surcharge on the rates of Citizens Insurance, the state’s insurer of last resort. Talbot will amend one of his bills to suspend the surcharge completely, for three years starting July 1, on all Citizens policies across southern Louisiana. That’s about 100,000 policies. Homeowners in the rest of Louisiana will pay only a 5 percent surcharge.
This rate relief is temporary but significant – and sorely needed.
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