Citizens to end a type of property insurance.
Global Banking News-November 4, 2015--Citizens to end a type of property insurance
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Global Banking News - 04 November 2015
Louisiana Citizens Property Insurance Corp has announced a plan to end the practice of selling policies that include a USD10,000 deductible for non-hurricane damage.
The percentage of personal lines policies with the USD10,000 deductible has grown by 35 percent in the past two years, even though the company's overall policy count had fallen by 12 percent.
Chief financial officer, Steve Cottrell, said, 'I believe we're not servicing the company well ... and in most cases, we're not servicing the customer well because they don't understand that they're not buying much insurance. They're buying hurricane insurance. That's about it.'
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