Threat of Hurricanes Ups Home Insurance Rates
Louisiana has received near-top billing in a national comparison category. Unfortunately, it’s not a ranking of which to be proud.
The Bayou State is the third-most expensive market in the nation for homeowner’s insurance, trailing only Texas and Florida, according to a story in the American Press.
What do the three states have in common? Large population areas near their coastlines that are well within the range of hurricane winds and storm surges. The statewide premium was $1,430 in 2009, the most recent data available from the National Association of Insurance Commissioners. The average premium rose 9.9 percent in 2006 and 11.4 percent in 2007, to which Louisiana Insurance Commissioner Jim Donelon said he was “not surprised.”
See the complete story in the American Press.
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