Louisiana residents say the cost of their homeowner’s insurance is rising, and many report trouble finding or keeping policies.
Sixty-three percent of homeowner’s insurance policyholders say the cost of their coverage increased over the past year, while 54% of flood insurance policyholders say the costs of coverage rose, according to LSU’s annual Louisiana Survey.
Nineteen percent of state residents tried to get a homeowner’s insurance policy last year, but 55% of them (or about 11% of all adults) had difficulty getting one, the survey found. And among homeowner’s insurance policyholders last year, 17% report their provider canceled their policy.
Residents who filed a claim over the past two years were almost evenly split regarding whether they were happy with the results. Of the 19% who filed a property claim on their homeowner’s, flood or renter’s insurance policy—representing 29% of all policyholders—51% were satisfied (including 27% who were “very satisfied”) and 48% were dissatisfied (31% were “very dissatisfied”).
Among automobile insurance policyholders, 43% said they pay more compared to a year ago while 10% said they pay less.
The 2023 Louisiana Survey is the 21st in an annual series of statewide surveys sponsored by the Reilly Center for Media & Public Affairs at LSU’s Manship School of Mass Communication. The margin of error is 5.8 percentage points.
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