More Louisiana homeowners leave Citizens Insurance - FOX 8 WVUE New Orleans News, Weather, Sports, Social

More Louisiana homeowners leave Citizens Insurance

Baton Rouge, La.- The Louisiana Insurance Commissioner says 6,877 homeowners policies have been transferred from Citizens Insurance to private insurers.

That's a positive move for those homeowners who will be paying less for insurance because Citizens is required by law to charge more.

Commissioner Jim Donelon says, "With this Depopulation Program, homeowners now have a broader range of options for insurance and many policyholders have previously lowered their premiums by hundreds or even thousands of dollars after having their policy moved."

The transfers bring Citizens policy count to less than 100,000 residential policies.

The number of Citizens policies reached an all time high of 174,000 policies in February of 2008.

The four companies taking over policies are Access Home Insurance Company, Centauri Speciality Insurance Company, Lighthouse Property Insurance Corporation and Maison Insurance Company. This is the first time Maison Insurance, which is new to the market, participated in the program.

Donelon says, "The increased competition we are currently experiencing along the coastal parishes is a win-win scenario for all Louisiana property insurance policyholders."

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