NEW ORLEANS — The estimated damages from Hurricane Zeta are between $2.5 and $4 billion, and it’s only one of several storms that impacted Louisiana this hurricane season.
The storm didn’t punish Angelo Lamartina’s home in Marrero, but he had some damage to the front of the house and to his gate. Lamartina is a semi-retired contractor. He repaired the damage himself and didn’t have to file an insurance claim, but that may not prevent his home insurance from increasing next year.
This year’s historically busy hurricane season is just one piece of a natural disaster puzzle. Louisiana insurance commissioner Jim Donelon says disasters like earthquakes overseas, wildfires in the West and hurricanes along the Gulf South will likely force the insurance industry to raise rates so it can reinsure customers next year.
“Indications are that next year we will be seeing a 5-10 percent rate increase in the homeowners’ insurance market,” said Donelon.
Angelo Lamartina says he already pays $2,600 a year for his home insurance. Another 5 or 10 percent to that payment would be painful.
“I think it’s kind of crazy. We pay enough as it is for homeowners’ insurance, plus we got flood insurance,” Lamartina said.
Donelon says the anticipated hikes could be some of the highest we’ve seen in 15 years, but he says they won’t compare to what we saw after Hurricane Katrina. In 2006 Louisiana saw a homeowners’ insurance rate increase of 12 percent. It’s no secret that Louisiana has some of the highest insurance costs in the nation. Donelon says there are ways to chip away at the cost. He says first, consult an insurance professional.
“It’s worth the money you pay in commissions to get the advice that comes with an expert, with an insurance agent,” Donelon said.
Donelon says you can also get discounts if your home meets certain hurricane building codes. It’s some advice to consider as we anxiously await an end to this hurricane season.
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