“I think this is a critical first step,” Republican
Louisiana Homeowners are facing dramatic insurance cost increases caused by the heavy damage caused by Hurricane Laura in 2020 and Hurricane Ida in 2021, either from private insurers or the state-sponsored Citizens, designed as the insurer of last resort for homeowners who cannot sure not. protection in the private market.
“Our state is in a crisis comparable to or greater than (Hurricanes) Katrina and Rita in 2005,” Republican Insurance Commissioner
In some cases, insurance bills exceed monthly mortgage payments.
Hurricanes Laura and Ida produced a total of 800,000 insurance claims
The number of customers in Citizens has almost quadrupled in the past two years to 128,000. By law, Citizens’ prices must be 10% above the highest market rate in each municipality or the actuarial rate, whichever is higher.
“It’s at least as bad as it was after Katrina and Rita,” said
Donelon said the
Talbot said he is already preparing for the spring legislative session.
“We have to do what we can to encourage companies to write new cases, but we need a comprehensive plan to solve the problem,” he said.
Talbot said he plans to introduce a bill for the spring session to require homeowners and homebuilders to meet “reinforced roof” standards for new construction and replacement as part of legislation to strengthen building codes.
Consumers can offset some of the increased costs through a “
Donelon said he would like to see the Legislature pass the
“These are some of the long-term solutions, but it will take time,” said Talbot.