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Property insurance renewal cuts cost by about $378,000, raises named-storm coverage
Summary
Property insurance renewals for Tangipahoa Parish produced roughly $378,000 in estimated savings and increased named-storm coverage from $15 million to $20 million, while keeping deductibles the same and restoring a true blanket limit.
Austin Powell, a presenter, told the finance committee that the parish's property insurance program achieved significant savings this year, estimating "right around a 20% reduction about a $378,000 savings over expiring." He said underwriters also increased named-storm coverage from $15,000,000 to $20,000,000 and raised certain sublimits.
Powell said deductibles will remain the same as the expiring policy and that the program will return to a true blanket limit rather than the prior blanket-by-location approach, allowing the parish to use the full coverage amount for a named storm regardless of individual location limits. Westchester remains the main carrier in the panel of insurers used for property coverage.
