Friday, March 31, 2006

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You’re in good hands with…Insurers Not Writing New Policies; Home Sales Affected

Residents of the New Orleans area and storm-damaged south Louisiana are finding that most homeowners insurance companies are not renewing existing coverage or writing new policies. Some companies are refusing to cover wind damage. Officials are worried that insurers' actions, including Allstate and State Farm, could affect bank loans and overall rebuilding efforts. Insurance Commissioner Jim Donelon said it is "difficult but not impossible" to get homeowners insurance in areas affected by the storms. Rep. Karen Carter said the issue has been flying under the radar of the Louisiana Recovery Authority. Attorney Walter Leger of St. Bernard Parish is a member of the LRA and said he will investigate. Rebecca Mowbray, New Orleans Times-Picayune 03/29/2006 Read Article: New Orleans Times-Picayune

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