Louisiana's top regulator says nearly all the insurance companies operating in the state have agreed to give homeowners more time to settle their claims from Hurricanes Katrina and Rita.
Commissioner James Donelon says more than 99 percent of companies have voluntarily agreed to the extension.
By law, homeowners have one year from the date of the damage to settle their claims, or sue. But Donelon argued that the deadline was unrealistic given the unprecedented scope of the hurricanes. He asked insurance companies to voluntarily extend that deadline by another year. For Katrina victims, that would be August 30th, 2007. For Rita victims, the date would be September 24th, 2007.
Most insurers are giving homeowners the full two years while others are giving homeowners a conditional two year extension. Some set a December 31st deadline.