More Louisiana property owners moved to private insurers - KPLC 7 News, Lake Charles, Louisiana

More Louisiana property owners moved to private insurers

Metairie, LA (AP) -

Fresh data shows the state's insurer of last resort keeps churning away on getting private insurers to pick up policyholders, a problem stemming from the 2005 hurricanes.

For policyholders of Louisiana Citizens Property Insurance Corp., the wait to go private is expensive and frustrating. There's no guarantee some will ever get back to private coverage.

At its height in 2008, Citizens had 164,000 home policies and 10,000 commercial policies on property no private insurer would cover.

Rita Ferrara, a 58-year-old New Orleans legal secretary, said moving to a private insurer can't come quickly enough.

She said her insurer dropped her after Katrina - despite minimal damage to her house - and premiums have skyrocketed under Citizens.

Just covering her deductible - if the time comes - is a major worry.

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