With many insurance companies failing or pulling out of the state, Louisiana’s insurer of last resort is looking to the state to relieve some of the pressure.
Louisiana Citizens Property Insurance Corporation is trying to raise homeowners insurance by sixty-three percent which will affect more than 100,000 homeowners in the state.
KATC spoke to local resident, Masika Guilveau who said, “I think that it’s not fair because of all the natural disasters in Louisiana hurricanes especially.”
Homeowners in Louisiana have to worry about their homes being damaged each year during hurricane season, and if their homeowner’s insurance increases they may have to choose between daily necessities and household bills.
“The folks in Lafayette will obviously be impacted but it’s more so for the folks on the coast from east to west, the parishes on the coast that’s where the bulk of the exposure is for citizens,” said Henri Hebert, Vice President of the Personal Lines Dept. at Dwight Andrus Insurance.
Many insurance companies have left Louisiana and with potential homeowners insurance increases in 2023, how will that affect homeowners?
“Every year we stand a chance of getting our property damaged, your home damaged, anything shingles flying off all that,” Guilbeau said.
The Louisiana insurance commissioner will analyze this petition and make a decision in three to four weeks.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.