Rebecca Mowbray reports on this incredible development in Insurance Commissioner Jim Donelon says insurance market is competitive again for Sunday’s Times Picayune:
Last fall, Insurance Commissioner Jim Donelon ditched his longtime homeowners insurance policy with Travelers and signed on with one of the new companies that has come to Louisiana in the past few years.
After a kitchen renovation, an increase in the insured value of his Metairie home and a couple of rate increases by Travelers pushed the price of renewing his policy to $11,300 a year, Donelon decided it was time to shop for new coverage.
He found a policy with comparable coverage for $4,800. And, making the deal even better, his storm deductible decreased from 3 percent of the insured value of his home to 2 percent.
“I was amazed at what I was able to find,” said Donelon…As the switch in his own policy represents, Donelon now believes that the market has stabilized.
Sure thing, Commissioner. Just keep on believing that and let us know how things work out.