The Louisiana Department of Insurance published a news release highlighting positive trends in the homeowners insurance market following legislative reform.

Since the passage of insurance reform legislation in 2024 aimed at making Louisiana more attractive for insurers and reinsurers, 10 new homeowners insurers have been licensed. For insurers already doing business in the state, there have been much smaller rate increases compared to previous years and even some rate decreases.

For the homeowners line, the average approved rate change for 2024 was +6.6%, a huge decrease from +14% in 2023, and +16.2% for 2022. For commercial multi-peril, the average approved rate change for 2024 was +3%, compared to +6.7% in 2023 and +3.9% in 2022. For fire and allied lines, the average approved rate change was +1.8%, compared to +5.8% in 2023 and +9.3% in 2022.