State insurance commissioner addresses insurance cost

LAKE CHARLES, La. (KPLC) – The rise of insurance costs has been a heavily discussed topic as some homeowners deal are having trouble keeping up with the increased rates.

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In Jeff Davis Parish, residents had the opportunity to voice their concerns to Louisiana Insurance Commissioner Tim Temple at a town hall meeting.

“This is the deepest insurance crisis our state has ever faced,” Temple said.

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Temple addressed a crowd of concerned residents, insurance agents, and realtors.

“My insurance, our homeowners insurance, just last month went from $2,338 to $8,000, and I called him, what am I supposed to do, you know? Who can pay this? This is as much as my house note was at one time,” State Representative Troy Romero said.

Temple addressed the rise in cost of homeowners and auto insurance in Louisiana. He said for years, the state has dealt with high auto premiums and over time, it has continued to increase.

“Flood insurance is an absolute disaster. The rates again, that’s another one that’s unaffordable,” Temple said.

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So, how did the state get to this point?

“I think part of its, historically, the state has not recognized that insurance companies, don’t have to do business here. There’s no laws that say you have to come and put your capital at risk in this state,” Temple said.

Temple says he wants the state to hold a special session on insurance reform.

“You know you could have the safest neighborhood in the city, and you can have the smoothest roads in the parish, and you can have all bridges across all the rivers that we have, but if you cant afford to live in that neighborhood because your home owners insurance is to high, and you can afford to drive on that road or cross that bridge because your auto insurance and your trucking insurance is too high, what are we doing?,” he said.

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