The legislature is expected to take up soaring homeowners and auto insurance premiums in its next regular session this year.
Governor Landry has expressed frustration that a package of insurance industry-backed bills has not lowered home insurance premiums.
Insurance Commissioner Tim Temple says he understands the frustration.
“People are getting these premiums that they can’t afford or they’re having to shift funds around and pay less somewhere else to make it work,” says Temple. “And so I get that. I understand the frustration.”
Temple says this crisis has been years in the making, and a fix will not happen overnight.
“We didn’t just wake up one day and we were in a crisis,” Temple notes. “It’s been coming on and growing for years. It’s going to take time to get out of this crisis.”
Temple says one state that had a similar plight is Florida, where homeowners saw their insurance premiums skyrocket after Hurricane Ian in 2022.
He says just as Louisiana homeowners are experiencing, it took time for them to start seeing results.
“Their legislature met four separate times — four special sessions — to address the insurance crisis,” Temple notes. “It took about 18 to 24 months before consumers started seeing the benefit of that.”
And Temple is confident that Louisiana homeowners will start experiencing that same thing.
“We didn’t get here overnight. We’re not going to get out of this overnight. But we are going to get out of the crisis,” says Temple.
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