Louisiana Insurance Commissioner Tim Temple wants state lawmakers to reduce the regulatory burdens on insurance companies. He says that will encourage more insurance companies to write homeowners policies in the state and bring down rates through competition.
"What state is this actually working in?" WWL's Newell Normand asked Temple on Friday. "What state can we point to that has appreciably cheaper premiums with maybe similarly situated risk factors that our state has?"
Temple said it is working in Florida.
"They now have companies coming back to Florida. They have new companies coming in," said Temple.
"At what rate, at what average rate?" Newell countered. "I we get ten more insurers but the price doesn't appreciably go down, have we really accomplished much?"
Temple didn't offer any information on changing rates, but said without more companies writing policies in Louisiana, rates certainly won't get any less expensive.
"We have to start with the more insurers," Temple said. "You have to start with that."