Louisiana’s state-run property insurer of last resort says it has settled 85% of the more than 17,000 claims it received about damage from Hurricane Isaac. Louisiana Citizens Property Insurance Corp. announced today it expects Isaac to cost between $75 million and $100 million. Nearly $58 million has been paid out so far. A large portion of the claims, 40%, didn’t reach the damage threshold to top the hurricane deductible for properties. Citizens says the most common claim have been for wind damage to roofs and the resulting water damage caused by leaking roofs. Citizens officials say they expect the company to be able to pay for Isaac claims through current cash reserves and reinsurance.
Citizens: 85% of Isaac claims have been settled
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