Louisiana Approves 7.5% Average Rate Cuts for SURE and Elevate Homeowners Insurance

Louisiana Insurance Commissioner Tim Temple has approved an average 7.5% rate reduction for homeowners and dwelling insurance policies underwritten by SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate Reciprocal Exchange. The rate changes will take effect on February 16, 2026, and reflect statewide averages, with actual adjustments varying based on individual risk factors. SURE, which is Louisiana's second-largest homeowners insurer covering approximately 8% of the market, attributes the premium decreases mainly to reduced reinsurance costs. Since implementing property insurance reforms in 2024, the Louisiana insurance market has shown significant stabilization, encouraging new insurers to enter the market and limiting previously proposed rate increases. Commissioner Temple has engaged with reinsurers to stimulate greater capital investment in the state's homeowners market, focusing on risk reduction strategies such as amendments to the three-year rule, clearer catastrophe claims processes, and enhanced resilience and mitigation programs. These regulatory efforts are beginning to yield tangible rate relief for policyholders and contribute to a more competitive market environment in Louisiana.