BATON ROUGE, La. (AP) — The board governing Louisiana’s property insurer of last resort agreed Thursday to drop rates by 10 percent across a dozen south Louisiana parishes retroactive to June 7, when the reduction was signed into law.

The $16 million annual rate cut is for customers of the Louisiana Citizens Property Insurance Corp., which provides coverage those who have trouble finding it in the private market. The reduction was required under a bill worked out in the last days of the legislative session.

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