Louisiana Citizens Insurance For Home, Life, And Health
Besides insurance companies in Michigan, Louisiana citizens insurance is also known to have excessively high premium for home insurance. The main reasons are more or less the same – there are too many perils primarily natural disasters such as floods, wind storms, and hurricanes. With such high risk of total property destruction, insurers logically ask for high Louisiana citizens insurance premium rates to provide the coverage. As a matter of fact, almost all insurance types for home, life, health, and automobile follow the same trend. Due to very high possibility that devastating natural disasters occur, the rates can be anything but affordable.
Unlike what happens in other more-secure states, Louisiana citizens insurance company might look be very picky when it comes to selling coverage. We are running business endeavors, meaning we want to profit by making a high number of sales. Nonetheless, insurance is always a risky one that, the companies may have to pay more than they get from any policyholder.
We do the same kind of calculation to determine the price, but natural disasters are variables that can bring a great deal of difference. It is almost impossible that a house comes out intact after being hit hard by a flood or hurricane. The problem is that a hurricane attacks an area altogether, which will include residential areas, highways, and even empty land. In the event of a disaster, everything will be in danger including houses, cars, and lives.
For us, Louisiana citizens insurance company, providing coverage is just too risky
The government provides the state-owned Louisiana Citizens Property Insurance Corporation to accommodate the demand for insurance; this is the equivalent of Citizens Insurance Florida, and both of them are not-for-profit insurers. These companies are, however, different from Louisiana Citizens Insurance Company of America (headquartered in Michigan – a for-profit company).
The fact that the government owns Louisiana Citizens Property Insurance Corporation means you have easy access to the coverage, and you are allowed to purchase it as long as you are a citizen of Louisiana. The best idea is that you will not have to worry about rejection even if your properties are located in prone-to-destruction area. On the other hand, there is always a chance that private property companies just reject your application or fail to pay any claim due to bankruptcy.
Louisiana Citizens Insurance tend to be more expensive that other private insurers indeed. However, once again this is a not-for-profit company, so the money you pay for the coverage will not be used for any object but to develop services for policyholders. It is worth mentioning that every scheme to get the coverage is the same as other private companies. You will need to contact a licensed agent to help you through the entire processes. You can ask about any related issues such as quotes, payment, and procedures for filing a claim.
Bottom line, Louisiana Citizens Property Insurance Corporation is a state-owned insurance company that runs its not-profit-business in the state. The premium rates can be quite expensive, yet it is the safest bet to protect your financial investments (in the form of properties) if you live in Louisiana. You should consider this a last resort in case it is hard to get coverage from private companies.
People living in the Great Lake State region are blessed with natural resources and a vast industrial environment. This area includes eight US states including Louisiana, Illinois, Indiana, New York, Minnesota, Wisconsin, Pennsylvania, and Ohio. However, homeowners have one problem in common – it is hard to find cheap yet reliable home insurance companies. The cost of home Ins in the region is one of the highest all across the nation. As a result, in the effort to save money, homeowners simply choose to purchase a limited range of coverage, meaning they have to sacrifice safety and security to avoid excessive expense. Louisiana Citizens Insurance have to face severe competition in the market indeed, but since the region is known for its inclement weather, it can be difficult for any of them to reduce the base price for home insurance. There are simply too many insurance perils including tornadoes, winter blizzard, and storms.
Besides the weather problem, Louisiana has one more issue that makes almost all companies avoid providing coverage, which is a casualty. The problem with West Nile virus, Lyme disease, and other afflictions can easily lead to excessively high premium fees. Among all companies running ins. Businesses in the region, the Louisiana Citizens Insurance, a subsidiary of The Hanover Insurance Company is one of the most reliable with the well-proven track record concerning property and casualty insurance. For people in Louisiana or anywhere else in the Great Lake region, it should be the first choice to consider. Unlike the similarly named Citizens Property Insurance Corporation which is a not-for-profit insurer.
The Louisiana Citizens Insurance as part of Hannover Group is a for-profit company.
The Hanover Insurance Group, (previously known as All-America Financial Corporation) is owned by shareholders and it pays cash dividends to shareholders since 1953. The good thing about this is that homeowners or policyholders run the company. In other words, the subscribers and people who buy coverage from the business are considered shareholders. It is indeed a for-profit insurer, yet every profit earned will be given back to policyholders. In other words, people who purchase coverage from Hanover Ins. Group also take part in developing the company’s effort to provide the best property and casualty insurance.
The holding company is The Hanover Insurance Group that includes The Hannover Insurance Company. It runs its business in Louisiana under the name of Citizens Insurance Company of America. It offers a broad range of coverage for property and casualty for individuals, families, and business. It stands among the 25 best ownership and casualty insurers in the country, and the company achieves excellent financial rating by major independent researchers such as A.M. Best, Moody’s, and Standard & Poor.
The Hanover Group started this business in 1852, and it is now one of 500 largest companies that publicly trade the shares in the United States of America. If you currently live in Louisiana, to hold a Louisiana Citizens Insurance can be considered the best option available to get your home and life insured. Since you also own the company once you buy the coverage, get your properties, and life protected yet you make good investments at the same time.