It's no secret to homeowners in Louisiana — property insurance premiums have been on the rise for quite some time.
For many here in Acadiana, it's a growing concern as the 2023 hurricane season starts on Thursday.
"Probably through the last couple of years I've been through at least three different ones [companies]," said Joe Fontenot, an Evangeline homeowner who lives off-shore six months out of the year. "They went from, I was paying $2,500 a year to probably $5,000 a year, and after the storms, they said they wasn't covering no one no more."
Fontenot's story is one many across the state can relate to, whether it be rising insurance premiums, or even being dropped by their insurance company. This follows several insurance companies pulling out of serving Louisiana following severe weather. While the state legislature has made recent efforts, such as the Insure Louisiana Incentive Program bringing eight insurers to the Pelican State, it's still troubling many.
"It's just ridiculous, I mean, for what they're willing to cover and what my house is worth, the price ain't the same," Fontenot said. "Gotta get better insurance companies, better insurance rates, lot of people is just gonna start moving out of state somewhere else to where they can find cheaper insurance."
It's an idea lifelong Franklin resident and homeowner Marsha Green told KATC she has considered. Over the last several years, she said her home has been damaged multiple times by severe weather, but when it's time to file the insurance claims she pays for, it's never the outcome she expects.
"The money that they gave me wasn't enough, after they take the deductible out you won't have enough," Green said. "But to find somebody who's gonna botch it up, you pay the money, but they don't want to do the job. The adjuster comes out and does what they want and not what's right, so I don't think it's fair that they just treat us like a nobody."
According to the Louisiana Insurance Commission, some companies participating in theincentive program have already limited their policy writing because they're over-booked. This comes amid high demand from homeowners for new policies, exceeding the amount these companies can write. Meanwhile, a spokesperson for the commission said that insurers will begin formally reporting the volume and location of their writing under the incentive program at the end of May; collectively writing several million dollars in new premiums under the program, primarily in Orleans, Jefferson, and St. Tammany parishes. The incentive companies have all indicated they will continue to write on a limited basis and plan to expand their writing in the next few months, the spokesperson said, noting policy writing ramps up in September.
In the meantime, many are still struggling. The state insurance commission suggests homeowners shop around for insurance at least once a month until they find a satisfactory policy, and if a homeowner finds one more suitable for their means, they should get a reimbursement for the months they didn't use in between.
------------------------------------------------------------
Stay in touch with us anytime, anywhere.
To reach the newsroom or report a typo/correction, click HERE.
Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Evening News Headlines, Latest COVID-19 Headlines, Morning News Headlines, Special Offers
