BATON ROUGE—The board of Louisiana Citizens Property Insurance Corp. has decided to increase rates for its homeowner policies.
Citizens originally proposed a 10 percent increase last year but after further review by the state Department of Insurance, the suggested increase was cut to 7 percent on Thursday. That amounts to an increase of about $14 million on new and renewed policies.
Citizens, Louisiana's property insurer of last resort, is required by law to set its rates 10 percent higher than private insurers.
Last month, the company boosted rates for commercial property coverage by an average 4.7 percent.