Tag: Louisiana insurance crisis

Louisiana Homeowners Score Relief as Property Insurance Fees Drop Early

Angela Linders
Loiusiana Homeowners Property Insurance fee drop

Louisiana Insurance Relief: Ending the 1.36% Assessment Louisiana property insurance policyholders are poised to experience some financial relief this year as the Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) implements significant changes to reduce costs. The most notable adjustment is the early termination of a 1.36% statewide assessment on residential and commercial property insurance policies. Originally scheduled to conclude in June 2026, the assessment will now end in April. This fee was introduced to pay off bonds associated with claims from hurricanes Katrina and Rita. Louisiana Citizens, the state-run insurer…

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New Insurance Law in Louisiana Sparks Debate – Winners and Losers Revealed

Marc
Major Insurance Law Reforms in Louisiana

Louisiana Implements Major Insurance Law Reforms for 2025 Louisiana is undergoing significant changes in its insurance landscape with the introduction of a new law that took effect on January 1, 2025. The legislation, signed by Governor Jeff Landry, repeals the unique “three-year rule,” which had long posed challenges for insurance companies operating in the state. This reform aims to make Louisiana a more competitive environment for insurers while sparking concerns among homeowners about protections. Repeal of the Three-Year Rule The three-year rule previously prevented insurance companies from canceling or non-renewing…

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Louisiana’s Bold Repeal Sets Stage for Insurance Market Overhaul

Marc
Insurance Market - Louisiana - Home - Repeal

In a decisive move, the Louisiana Legislature repealed a longstanding law on Monday, signaling significant changes for homeowner insurance policies across the state. The decision, part of Insurance Commissioner Tim Temple’s ambitious agenda, aims to introduce more competition in the insurance market, potentially providing Louisiana homeowners with options for lower premiums. House Bill 611, pushed by Rep. Gabe Firment, R-Pollock, garnered final approval and now awaits the signature of Gov. Jeff Landry. This bill notably targets Louisiana’s unique three-year rule prohibiting insurers from altering deductibles or discontinuing homeowner policies that…

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