Overview

• Louisiana and Florida are experiencing some of the highest insurance rate increases, with premiums in Louisiana projected to rise 23% by the end of 2024.
• Natural disasters such as hurricanes and storms are major factors driving up insurance costs, particularly in coastal states.
• Global supply chain issues and labor shortages have also contributed to the rising costs of home repairs, further inflating insurance premiums.
• Many insurers are exiting high-risk markets, leaving homeowners with fewer options and higher costs.
• Experts recommend weatherproofing homes and comparing insurance quotes to mitigate the financial impact of rising premiums.