Louisiana Citizens Property Insurance Corp. is expected to approved upping its commercial coverage rates by a statewide average of 45.1 percent this week, according to The Advocate. The board for the state-backed insurer of last resort for those who can’t obtain traditional property insurance — typically coastal residents who frequently find themselves in the paths of hurricanes — will vote on the rate hike on Thursday.
Virtually all of the roughly 5,700 commercial property-insurance policies with Citizens are in the New Orleans and coastal parishes areas. Citizens’ board voted in September to hike rates by more than 56 percent but the state Department of Insurance nixed that figure and reduced it to 45.1.
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