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The number of homeowners insurance policies written by the so-called insurer of last resort remains near its 20-year high. Andrew Greenstein reports.

Citizens Count Voicer.wav (35) “…I’m Andrew Greenstein.”

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The number of homeowners in the Coastal Zone insured by Citizens Insurance, the so-called insurance company of last resort, remains near its 20-year peak. As of the end of last month, Citizens accounted for more than 122-thousand policies. Ben Albright, the president and CEO of the Independent Agents and Brokers Association of Louisiana, says in some areas, the only option besides Citizens available to homeowners are smaller insurance companies.

Ben Albright 1.wav (14) “…much more capitalized.”

Albright says in some instances, Citizens is a more attractive option since the legislature suspended the ten-percent surcharge that is customary for all insurance carriers of last resort. Albright says it’s important that the surcharge be reinstated so that people have an incentive to move to a private insurer.

Ben Albright 2.wav (14) “…because of claims.”

Albright says the insurance reforms that the legislature recently passed are starting to show positive returns, but he says they’re going to take time.

Ben Albright 3.wav (14) “…passed onto policyholders.”

The 20-year low came in February of 2021, when Citizens had less than 36-thousand policies.