HERE ARE THE FACTS:
There have been major shifts in Louisiana recently for homeowners seeking property and flood insurance.
Following two catastrophic hurricane seasons, property insurance companies are exiting Louisiana or facing insolvency. This has resulted in thousands of Louisiana’s residents being left with few options to find new property insurance.
Additionally, many homeowners are unaware that property insurance doesn’t cover flooding events, and they often don’t have a separate flood insurance policy.
MANY LOUISIANA HOMEOWNERS FACE AN INSURANCE CRISIS:
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With fewer options, homeowners who cannot find property insurance on the private market must turn to Louisiana Citizens, the state-run insurer of last resort that is required to charge more than the private market for the same property insurance coverage.
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For homeowners with pending claims against failed insurers looking to offset the cost of a new policy, they must turn to the Louisiana Insurance Guaranty Fund (LIGA), a taxpayer-funded entity that steps in to pay certain claims of failed property and casualty policies.
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In addition, many Louisiana residents will have to address the rising cost of insurance when buying and selling property.
HELP FOR HOMEOWNERS:
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REALTORS® want you to know that information is available to help answer commonly asked questions about property and flood insurance:
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Talk to a licensed insurance professional about your coverage and deductible options; shopping around may help.
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REALTORS® have partnered with the Louisiana Department of Insurance and FEMA to educate consumers about property and flood insurance issues, including coverages, ratings, and claims.
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REALTORS® are continuing to work with policymakers to improve access to affordable insurance options — this will be one, if not the most, important issue in the 2023 Louisiana Legislative Session and statewide elections.
REALTORS® Have the Backs of Property Owners—and are ready to help find answers for your questions and concerns regarding the challenges and changes Louisiana homeowners face.
Paid for by the National Association of REALTORS®, Louisiana REALTORS®, New Orleans Metropolitan Association of REALTORS®, Greater Baton Rouge Association of REALTORS®, REALTOR® Association of Acadiana, Northshore Area Board of REALTORS®, Northeast REALTORS® of Louisiana, Northwest Louisiana Association of REALTORS®, and the Bayou Board of REALTORS®.