Louisiana residents are frustrated with property insurance cancellations, coverage refusals and affordability. That’s the findings of LSU’s annual “Louisiana Survey” of public opinion.
Poll leader Dr. Michael Henderson says the survey of 509 random Louisiana adults statewide showed that 17 percent said they have had their homeowner’s insurance recently canceled.
“That translates into about one in ten Louisiana adults. So we have one in ten Louisiana adults who have lost homeowner’s insurance in the last year,” said Henderson.
It is no secret that hurricanes in 2020 and 2021 caused a lot of insurers to either go insolvent or leave the state.
Henderson says the survey also asked respondents about applying for coverage and found 19 percent had tried to acquire new homeowner’s coverage in the last year, and a great many had a hard time with that or were even refused.
“So, we have one in ten Louisiana adults who have lost insurance. We also have one in ten Louisiana adults who are having difficulty getting homeowner’s insurance,” he said.
Henderson says the survey found 63 percent say their insurance cost has increased significantly in just the past year, and they are having trouble affording it. They say the same of flood insurance and auto coverage as well. Henderson says the overall picture is of a dismal environment for insurance in Louisiana.
“People feel like they’re paying a lot. They’re having trouble getting their insurance and keeping it. They’re mixed in their satisfaction with how claims have been covered,” he said.