Hurricane Special 2023: Homeowners insurance update
LAKE CHARLES, La. (KPLC) - Paddy Pap and her husband have been living in a motor home for nearly 3 years now after Hurricane Laura and Delta damaged their home and their insurance company went bankrupt.
Still, with an unlivable home, they’re forced to pay for yearly homeowners insurance that has shot up from $2,300 to now $4,700 in just one year.
“I think it’s extremely frustrating we do live on a fixed income these are our golden years and it’s just you’re scared to open the envelope you really are you’re scared to open it,” Pap said.
Insurance commissioner Jim Donelon said the Louisiana Incentive Program could provide some relief. It’s a matching plan requiring insurance companies to take the money they receive from the incentive fund and put it towards more policies.
“I believe over the next 12 months we will see companies writing as they did with the incentive program of Katrina and Rita depopulating our market of last resort by 40 thousand policies after that first program was implemented,” Donelon said.
Pap said she hopes the efforts made at the state level start to make a real difference.
“I’m hoping our insurance commissioner gets a handle on this so they don’t keep just rising as much as they have in the last year,” Pap said. “48% in the last year, that’s a lot of money for something we cannot live in.”
Copyright 2023 KPLC. All rights reserved.