Farmers Insurance Exchange has asked Louisiana regulators for an average 39 percent statewide increase for its 25,500 homeowner policyholders.
The state insurance department is examining the request, which was filed last week. Details on which areas would receive the largest increases — or decreases — are not public until Insurance Commissioner Jim Donelon decides on the request.
Farmers said the rate increase would generate $14.6 million.
Donelon told The Advocate that Farmers is reducing the amount of coverage it writes in coastal states. In 2008, the company had about 40,000 Louisiana homeowners insured.
Company officials did not immediately respond to a request for comment.
Farmers recently raised homeowners premiums in Texas by nearly 10 percent. That hike affected around 350,000 Farmers customers who have either a Texas Family Home Policy or a Next Generation Home Policy.
Topics Louisiana Pricing Trends Agribusiness
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