Tim Temple speaks on Louisiana’s insurance crisis at Mandeville Town Hall

MANDEVILLE, La. ( WGNO ) — Insurance across Louisiana is some of the most expensive in the country, leaving some residents facing a crisis of rising premiums each year.

“In Louisiana, the average wage earner is spending more of their gross income on insurance than any other state. When you’re a state like ours that’s not the wealthiest, that compounds the crisis,” Insurance Commissioner Tim Temple said.

According to some, these costs have reached such an unaffordable price that they feel they may be forced to cut their losses and move out of the state.

“I’m now paying more for my house than I did 17 years ago. Right now, I’m seeing property value slide backwards and if I stay, I’m going to be so upside down. I need to get out before it becomes an economic liability,” said Mandeville resident Chris Cazayoux

Temple says one main cause of this crisis is the non-competitive nature of the state.

He says he has a plan to improve the state’s appeal for insurance companies, utilizing new legislation and initiatives such as the fortified roof program to bring new competition in.

“We’ve got to make sure companies have a competitive market, an atmosphere where they can be competitive, while at the same time handling claims and being able to pay claims,” Temple said.

Many are now hoping to see this plan create solutions soon, as they are forced to deal with these high rates for now.

“I don’t know if other people can follow my footsteps. I don’t know if they can take the loss I’m probably gonna take, so they might be stuck here and then have a choice of going without insurance or other unfortunate remedies,” Cazayoux said.

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