Louisiana Homeowners Insurance Premiums Adjusted Amid Market and Regulatory Shifts

Louisiana Insurance Commissioner Tim Temple has approved mixed changes in homeowners insurance premiums reflecting differing impacts of legislative reforms and company risk models. SureChoice Underwriters and Elevate will reduce rates by an average of 7.5%, driven by declining reinsurance costs, which are a significant factor in their pricing. Conversely, State Farm's rate increase of nearly 10% was approved, reflecting its substantial market share and higher risk exposure to hurricanes, assessed through internally developed forecasting models. These adjustments indicate varied responses to insurance reforms and risk assessments within the Louisiana homeowners insurance market.