Louisiana Citizens Property Insurance Corp. will hold a special board meeting at 3:30 p.m. Thursday to discuss the impact of a new law on the company’s wind-and-hail-only policies in coastal parishes.
Under the new law, Citizens does not have to tack on a 10 percent charge for wind-only policies in parishes where private insurance companies don’t offer the coverage. Under state law, Citizens is required to charge 10 percent more than private insurers.
In June, Citizens raised the wind-only rates an average of 58 percent statewide. Citizens has estimated rolling back its rates to reflect the new law will cost the company about $15.8 million, with about $2.6 million of the total wind-only policies premium.