ABBEVILLE, KATC — Rising insurance premiums and shrinking coverage options continue to plague Louisiana, leaving homeowners and business owners struggling to protect their properties. At a special luncheon Wednesday in Vermilion Parish, Louisiana Insurance Commissioner Tim Temple sat down with local business leaders to discuss the ongoing crisis and explore potential solutions.
With insurance companies pulling out of the state following catastrophic storms like Hurricanes Laura and Delta, and many more rising premiums, Temple and local stakeholders are looking to restore balance in the market. The Louisiana insurance landscape has grown more difficult for both property and business owners, with many facing sharp increases in rates and fewer options to shop around.
“I never thought that insurance on property would increase at this amount,” said Tammy Domingue, a Vermilion Parish property owner. “Over the last two years, our insurance has increased by 60%.”
Temple, who attended the luncheon, acknowledged the widespread frustration. He described the situation as a crisis, citing that 13 insurance companies became insolvent after major storms hit Louisiana, leaving policyholders with fewer options. “After Laura, Delta, Zeta, and Iota, we had 13 companies go insolvent. That means they didn’t have the financial resources to pay claims,” Temple said.