Commissioner Donelon Requests State Farm to Offer Policyholders Option of Lower Hurricane Deductible
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Insurance Commissioner
"Hurricane deductibles have unfortunately become the norm for coastal states from the
La. R.S. 22:1333(C), commonly referred to as the "three-year rule" prevents an increase in the policy deductible for a homeowners policy that has been in effect for more than three years except for cause listed in statute. However, the same law allows for an increase in deductible if the increase is imposed statewide. Insurers are not required to receive approval for a deductible change from the
The discount required by this hurricane deductible varies by geographic location and is dependent on the policy. According to
"A policyholder with a five percent hurricane deductible on a
At today's meeting, Commissioner Donelon also reminded
The bulletin states that each insurer provide this data in any rate filings submitted beginning
Commissioner Donelon advises policyholders, whether they are with
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