Louisiana homeowners who have paid an insurance premium over the previous 12 months are in line to receive payments from unused grant fund monies designed to entice private carriers to write property insurance in the state, officials said.
The grant program, called the Insure Louisiana Incentive Program, was created in 2007 by the state's legislature in response to insurance companies' reluctance to write policies after Hurricanes Katrina and Rita in 2005, according to Louisiana Department of Insurance (LDI) spokesperson Judy Wright.
A pool of $100 million was created which awarded matching grants of $2 million to $10 million to insurers who agreed to write new property insurance policies in Louisiana, she said.
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