Louisiana Citizens Property Insurance Corp. Increases Commercial Coverage Limits
The Louisiana Department of Insurance said that the board of directors of the Louisiana Citizens Property Insurance Corp. (Citizens) has voted to increase the amount of commercial property insurance coverage available to businesses to ensure they can acquire sufficient coverage through Citizens if they are not able to secure coverage in the private market.
Commercial coverage limits were temporarily increased to $10 million for a single building, $3.2 million in contents, and up to $20 million of aggregate coverage per insured, up from $5.5 million for a single building, $2.2 million in contents and $11 million in aggregate coverage per insured.
These increases took effect immediately after the vote at last week’s meeting. They are scheduled to sunset in two years, at which time the limit levels will be reevaluated.
The last time commercial limits were raised was in 2013.
Citizens also covers personal property up to $1 million and offers $500,000 in contents coverage.