Today, we want to spend some time on a serious problem for homeowners and business owners in the state of Louisiana, and that’s the current insurance market. Listen in as we take you through the complexities and recent developments dealing with insurance in the state.
With skyrocketing premiums and claiming challenges, we examine the issues surrounding the retreat of insurance companies from Louisiana due to high costs associated with natural disasters. We’re excited to welcome back attorney Caitlin Carrigan, who is sitting in for Brad today, to help us dig into this issue.
Join us as we assess the challenges homeowners face, ranging from the difficulties of obtaining new policies to the impact of wealth on premium costs. We delve into the pressing issue of underwriting procedures, revealing how the lack of a uniform requirement in Louisiana for insurance companies to disclose their rating and underwriting procedures before writing policies has raised concerns about fairness. We also discuss the intricacies of the Florida bill, its implications on the litigation of denied insurance claims, and how this bill and similar legislation could affect Louisiana homeowners.
There’s a lot to get into so let’s get started. Here’s some of what we discuss in this episode:
0:53 – The rising costs of insurance in Louisiana
6:29 – Hurricane coverage
9:03 – Reason for the crisis
17:26 – Florida litigation bill
26:48 – Where does it leave you?
31:35 – Reform
37:55 – Get an updated quote