Louisiana Citizens Property Insurance Corp. may soon end the longstanding, and apparently unique, practice of selling policies that include a $10,000 deductible for non-hurricane damage.
Chief Financial Officer Steve Cottrell said the percentage of personal lines policies with the $10,000 deductible has grown by 35 percent in the past two years, although the state-backed company’s overall policy count has fallen by 12 percent.
The company now has about 6,300 policies with the $10,000 deductible, or 7.7 percent of the company’s entire book of business. Next year, Citizens expects to shed 10,000 of its 86,000 policies, making the contrast even greater.
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