LAKE CHARLES, La. (KPLC) – Louisiana’s home sales market has been slow for real estate companies, due in part to rapidly rising insurance premiums.
“Insurance that was maybe $2,000 before Hurricanes Laura and Delta in 2020 could now cost $10,000 to $12,000,” says owner of Louisiana Property Casualty Insurance Company. , says Andy Dressler.
Local insurance agents say some insurance companies will no longer write insurance in Louisiana because of the natural disasters that have hit the state.
“So, to make matters worse, many insurance agents are choosing insurance companies even though they have incurred large losses. After Hurricane Laura, insurance companies will once again achieve certain profits.” You won’t have insurance until then,” said Erica Carlyle of Rutter & Blum Compass, a real estate agent with the Carroll & Carlyle Group.
Insurance costs aren’t the only thing making it difficult for sellers to move their homes.
“Interest rates are going up a lot, insurance premiums are going up a lot. We’ve had the experience, so you know all that. Just pull your belt loop a little bit and get more out of the market.” We needed to find a better way, and we see this as a challenge, and we’re up for it,” said Stephen Floyd, owner and broker at Coldwell Banker Ingle. Safari.
Dressler said many people budget for insurance, but the storm caused premiums to go up.
“A lot of people have to sell their homes. We’re remarketing all day long, and most agents are remarketing to find better insurance rates. We’re in Louisiana We’re always looking for new companies to come and companies we can trust,” Dressler said.
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