Blanco wants rebates for property owners

[carzen]

Gov. Kathleen Blanco wants to send property owners a check for the millions of dollars they paid to keep a state-backed insurance agency afloat after Hurricane Katrina.

Blanco said a typical homeowner with a $1,000 annual property insurance bill might get a check for $100 to $150, perhaps early next year.

The governor also wants to avoid saddling homeowners with repaying the $825 million borrowed to cover Citizens Property Insurance Corp.’s claims.

Citizens is a relatively new insurer of last resort that quickly became overwhelmed by the volume of claims. By law it is allowed to dock all property owners -- not just its own customers -- to pay back the loan. Blanco wants the state to make those payments instead.

“I think we need insurance rate relief, and we need it now,” Blanco said during a press conference at the State Capitol.


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