More insurance companies pull out of Louisiana: ‘We are in a crisis’ | Fox Business
Currently, the average premium for home insurance in Louisiana is over $2,000 a year. That’s 46% higher than the national average. With companies pulling out of the state or putting a hold on writing new business, people are forced to purchase policies through the state’s “insurer of last resort,” Louisiana Citizens Property Insurance. Citizens prices are going up this year with average premiums at about $5,000 in at least seven parishes. By law, Citizens sets it prices above market rates, so the state does not compete with the insurance companies.
