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As Louisiana continues to expertise an insurer exodus, state property insurer Louisiana Residents Property Insurance coverage Company (Louisiana Residents or Residents) has requested a 63% fee hike on all new and renewed residential insurance policies as of January 1, 2023.
With insurers fleeing the state after both changing into bancrupt or refusing to jot down new insurance policies south of I-12, extra owners have flocked to Louisiana Residents. On September 12, Louisiana Insurance coverage Commissioner Jim Donelon revealed in a city corridor assembly in Jefferson Parish that the insurer has 114,000 insurance coverage insurance policies, a dramatic bounce from 37,000 in 2021.
Donelon goals to persuade extra insurance coverage corporations to jot down insurance policies within the state to stoke competitors and drive down premiums.
“Now we have plans in place to depopulate Residents and have vital curiosity being proven by corporations which are anxious to get these insurance policies out of Residents,” Donelon stated, as reported by Fox8Live. “[These are] solvent corporations which are trying ahead to doing enterprise – aggressive enterprise – with one another within the property insurance coverage market, even under I-10 and I-12.”
Donelon’s plan additionally consists of implementing a program that has not been used following Hurricane Katrina – incentivizing personal corporations to jot down insurance policies within the state, additional revealing that the groundwork has already been laid, however funding from the state legislature can be wanted.
State Senator Cameron Henry added that he, Donelon, and State Senator Kirk Talbot have been working intently with different lawmakers on the state capital to implement this system once more.
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