Homeowners' insurers have settled nearly 70 percent of claims from Hurricane Katrina in Louisiana and Mississippi, according to the Insurance Information Institute (I.I.I.). About 90 percent of vehicle claims also have been completed.
Homeowners' insurers ultimately expect to pay more than one million homeowners' claims, for a total of $16.4 billion.
In Louisiana, insurers have settled 479,500 homeowners' claims (69 percent) of expected homeowners' claims from Hurricane Katrina, totaling $7.5 billion, reported the I.I.I. In Mississippi, 253,000 (71 percent) of expected homeowners' claims, totaling $3.9 billion have been settled. In addition, about 90 percent of more than 300,000 claims from damaged vehicles have been settled in both states, the I.I.I. said.
The I.I.I. estimate does not include claims filed with two government entities: Louisiana Citizens Property Insurance Corporation, the state-owned property insurance company of last resort, or claims for flood damage filed with FEMA's National Flood Insurance Program.
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