MONROE, La. (KTVE/KARD) — On Sunday, Governor John Bel Edwards called for a special session in Baton Rouge to address the current homeowner insurance crisis. Louisiana Insurance Commissioner stated in a press release that the state is experiencing the worst homeowner insurance market since hurricane Katrina and Rita in 2005.
According to the release, eight companies in Louisiana failed in the aftermath of hurricanes Laura, Delta, Zeta, and Ida. In addition, many insurers who have decided to stay in Louisiana have temporarily stopped writing policies.
State Senator Stewart Cathey shared his expectations from this particular session and how citizens will benefit.
I think we all agree that insurance prices in this state are extremely too high and so we got to do something to try to provide some relief to homeowners. The special session is extremely limited, there is only one bill that can be heard. It’s to provide some incentives to try to bring some new companies in to write new polices for the state. we did this back after hurricane Katrina, and I think a dozen a so insurance companies that came in after Katrina eight are still here. So, the expectations are that we have the same result with this program.Senator Stewart Cathey
The special meeting is set for January 30, 2023 and will last until February 5th.