Citizens' current policyholders will not be affected by the rate increase until they renew their policy after that date.
Louisiana law requires Citizens to charge at least 10% more than the highest qualifying market rate or 10% more than the actuarial rate for each of its policy types in each parish.
Policyholders with Citizens should be aware of the following:
• The rate increase will have no effect on your policy until it is renewed. For example, if you purchase a Citizens policy on November 1, 2022, your premium will remain unchanged until October 31, 2023.
• Citizens policyholders should contact at least three independent insurance agents on a monthly basis to obtain quotes from private insurers.
• The LDI anticipates an increase in the number of insurers writing policies in the coming months. If you find a policy with another insurer before the end of your Citizens policy term, Citizens will refund your unearned premium.