Friday, December 16, 2005

Get ready for more expense. This time insurance. :
"Homeowners around Louisiana will face larger insurance bills to help cover the borrowing a state-created insurance company will do to pay for insured home damage after hurricanes Katrina and Rita.

The State Bond Commission agreed Thursday to let the Louisiana Citizens Property Insurance Corp. borrow up to $1.4 billion to cover claims. That borrowing will be paid off gradually by assessing private insurance companies a regular fee that they can pass onto all their Louisiana customers -- by increasing premiums by as much as 20 percent each year until the debt is paid."

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