Louisiana realtors asking to halt proposed 63% insurance premium increase

NEW ORLEANS (WVUE) – Realtors throughout New Orleans are asking for the state’s insurance coverage supplier of final resort to halt a proposed improve in house insurance coverage premiums.

Earlier this month, Louisiana Residents filed to extend insurance coverage premiums on new or renewed residential insurance policies by 63%.

In an announcement, the coalition of realtors, led by Keller Williams Realty New Orleans Group Chief Jeffrey Doussan, stated the rise can have “chilling results on house values throughout the state.”

As insurance coverage corporations proceed to flee Louisiana, both changing into bancrupt or refusing to put in writing new insurance policies south of I-12, extra owners are being compelled onto the state-backed insurer of final resort.

“It will be important that we share our experience as an trade. Realtors have already seen offers at totally different value factors fall by way of recently attributable to current premium will increase. If patrons can’t afford the insurance coverage, they’ll’t purchase the house. When too many patrons are disqualified from the market then we are able to anticipate a speedy lower in house values,” stated Doussan. “The Insurance coverage Commissioner should prioritize the wants of Louisiana residents to have dependable insurance coverage and for that insurance coverage to be inexpensive.”

Realtors despatched a letter to Louisiana Insurance coverage Commissioner Jim Donelon and launched a web based petition which has gained almost 200 signatures in 5 days.

Donelon stated he plans to impose a program that has not been used because the months and years following Hurricane Katrina, incentivizing non-public corporations to begin writing insurance policies within the state.

He stated the groundwork is being laid, however that funding from the state legislature might be wanted.

The commissioner stated his workplace should analyze the Residents’ fee hike submitting, which can take round three or 4 weeks, earlier than deciding whether or not to approve the rise.

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