Insurance Commissioner Jim Donelon warns this year’s incredibly active hurricane season will result in home insurance price increases of up to ten percent.
Donelon said the last time we had a devastating season back in 2005 statewide home insurance prices went up 12 percent in 2006.
“It actually was a 48 percent increase in south Louisiana, four times the statewide amount,” said Donelon.
Donelon said unfortunately there was no avoiding the increases given the scale of the damage.
“This year has been the worst in Louisiana from a hurricane perspective since all of the disasters in 2005, 15 years ago,” said Donelon.
Donelon said 15 years ago when rates went up after 2005 they rose for three to four years before settling. So, should we expect that to happen again? Donelon said much of that depends on what happens next hurricane season.
