re: La. Dept. of Insurance approves 63% Citizens rate increase

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This is for homeowner’s insurance, which is more affected by hurricane costs causing insurers to exit the market.

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But while resilience has improved, David Sampson, President and CEO of the APCIA, warns that 30 years after the destruction caused by Hurricane Andrew, a new, major and man-made catastrophe is occurring in certain states, notably Florida, California, and Louisiana. “Unchecked plaintiff bar tactics, legal system abuse, fraud, and misguided government policies are having a significant impact on the availability and affordability of insurance for American families, individuals, and businesses. For example, collectively these factors have driven the average Florida homeowner’s insurance policy to nearly $3,000 in 2022, roughly twice the U.S. annual average,” said Sampson. It’s important to remember that this rise in costs for consumers has occurred despite the State of Florida not taking a direct hit from a hurricane since 2018, which Frank Nutter, President of the RAA, says underscores “the impact of disruptions these man-made forces have on the marketplace.” Nutter goes on to highlight the fact seven insurance companies have gone insolvent in the last two years, with another 14 carriers deciding to cease underwriting new policies in an effort to avoid the same fate. Highlighting just how challenging the current litigation trend is in Florida, Nutter points to a report from the Florida insurance regulator, which says that the state accounted for 79% of the country’s homeowners’ insurance claim lawsuits, but only accounts for 9% of the nation’s homeowners’ insurance claims. In fact, the Florida Office of Insurance Regulation finds that, over the past decade, $51 billion has been paid out in insurance claims, and, of that total, a significant 71% went to attorney fees and public adjusters, with just 8% going to claimants.

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I ended up just waiting and getting the "forced coverage" from my mortgage company. It had better terms and was almost $1k less expensive.

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