Louisiana Insurance Commissioner Tim Temple says the state continues to be in an insurance crisis because premiums are unaffordable for many, but there are positive signs. Temple says thanks to changes in state law, including a measure that gives providers more flexibility to raise or decrease rates, has helped bring premiums down for many.
“I think it’s 12 companies now have taken a rate decrease on homeowners. We’ve had 50 companies take a rate decrease on private passenger auto,” Temple noted.
Temple continues to urge policyholders to shop around before renewing with their current provider.
“You work hard for your dollars. Make those insurance companies work hard for that premium that they charge you. And so, there’s savings out there for people, they’re starting to see it; and we’re going to keep fighting,” Temple said.
Temple says fewer accidents on the road have helped reduce auto insurance premiums. He says the total savings have been $400 million.
“That’s $400 million we’re spending on something else, whether it’s groceries or gas or medicine or education or something else. I mean, that’s $400 million. That’s a lot of money that we’re not paying to insurance companies,” Temple emphasized.
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