Survey: 17% of Louisiana Homeowners Lost Coverage in 2022

A survey published this week by Louisiana State University (LSU)’s Manship School of Mass Communication found that 17% of residents reported their provider cancelled their policy in 2022.

The results are part of the 2023 Louisiana Survey, which asked residents about acquiring insurance coverage, rising costs, and homeowner’s experience. Nineteen percent (19%) of residents tried to get a homeowner’s insurance policy last year, but 55% of them had difficulty getting one. Sixty-three percent (63%) of homeowner’s insurance policyholders say the cost of their coverage increased over the past year, while only 5% said homeowner’s insurance decreased. Sixty-nine percent (69%) said homeowner’s insurance in Louisiana costs more than in other states.

Fifty-four percent (54%) of flood insurance policyholders say the costs of coverage increased.

Residents were split on satisfaction with how insurance companies handled property claims. Fifty-one percent (51%) said they are satisfied and 48% said they are dissatisfied

The survey polled 500 respondents from March 22 to April 4, 2023. The total sample has a +/- 5.8 margin of error.

Photo: Dark clouds hang over Bradley Lane after a tornado destroyed several mobile homes in the area, Wednesday, Dec. 14, 2022, in New Iberia, La. (Leslie Westbrook/The Times-Picayune/The New Orleans Advocate via AP)