Rising home insurance premiums are destroying the American dream.

The American Dream is being crushed by the current insurance market for many Louisiana homeowners. According to Jeff Albright of the Independent Insurance Agents and Brokers of Louisiana, many homeowners’ premiums have doubled, with some increasing by about $3,000 or more a year. Several insurance companies went bankrupt after Hurricanes Ida and Laura. Other companies have stopped creating new policies. Some have increased their rates, while others have moved out of state entirely. Recently, UPC also announced that he will be leaving the state on January 1, 2023. What should the average homeowner do? Jeff Albright, CEO of Independent Insurance Agents and Brokers of Louisiana, recommends researching and researching because there are so many options. Second, he hopes to consider higher deductibles that lower premiums, which may not be glamorous, but he’s one of the ways to save money. “It’s not fun to have a higher deductible, but it saves you some money on premiums,” Albright said. He says don’t adjust coverage no matter how tempting it may be. He works to attract more insurance writers to the region by offering bonuses and incentives. “Several businesses have shown me that if they get through this hurricane season without an event, even in difficult areas such as St. Tammany Parish, Orleans and Jefferson Parish, they are close to reopening new businesses.” Told. Donnelon. More private insurers entering the market could help lower rates. His $15 million incentive program is subject to legislative approval after a December earnings estimating meeting. All If all goes as planned, insurers should start participating in 2023 because we can get Congress to support funding of the insurance sector from insurers,” said Donelon. Many homeowners whose policies were dropped turned to the national insurance company of last resort, Civil Insurance. By law, civil insurance premiums are set higher than private insurance companies, preventing insurance companies from becoming too large and exposing the state to financial risk. Unfortunately, the civic rate has recently risen further he as high as 63%.

The American Dream is being crushed by the current insurance market for many Louisiana homeowners.

According to Jeff Albright of the Independent Insurance Agents and Brokers of Louisiana, many homeowners’ premiums have doubled, with some increasing by about $3,000 or more annually.

Several insurance companies went bankrupt after Hurricanes Ida and Laura.

Other companies have stopped creating new policies.

Some have increased their rates, while others have moved out of state entirely. Recently, the UPC announced that he will leave the state on January 1, 2023.

So what should the average homeowner do?

Jeff Albright, CEO of Independent Insurance Agents and Brokers of Louisiana, recommends researching and researching because there are so many options.

Second, he wants to consider higher deductibles that would lower premiums.

It may not be glamorous, but it’s one way to save money.

“It’s not fun to have a higher deductible, but it saves you some money on premiums,” Albright said.

No matter how attractive he sounds, don’t adjust the coverage.

Insurance Commissioner Jim Donnelon says relief is imminent.

He works to attract more insurance writers to the region by offering bonuses and incentives.

“Several businesses have shown me that if they get through this hurricane season without an event, even in difficult areas such as St. Tammany Parish, Orleans and Jefferson Parish, they are close to reopening new businesses.” Told. Donnelon.

The entry of private insurers into the market will help lower interest rates.

His $15 million incentive program is subject to lawmakers’ approval after a December revenue-estimating meeting.

If all goes according to plan, insurers should start participating in 2023.

“As soon as we can get Congress to support the funding that insurers provide to the insurance sector, that will happen,” Donnelon said.

Many homeowners whose policies were dropped turned to the national insurance company of last resort, Civil Insurance.

By law, civil insurance premiums are set higher than private insurance companies, preventing insurance companies from becoming too large and exposing the state to financial risk.

Unfortunately, the civic rate has recently increased by another 63%.

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