According to a report released this week, insurance policy holders in Florida and Louisiana, among other states, are paying some of the highest rates for homeowners policies that are vastly overrated. While states like Utah and Idaho have residents who are receiving a great value for their policies, this illustrates yet again a theme of insurance prices in the Gulf Coast being out of control.
The Times-Picayune reports
Louisiana is one of six states receiving an “F” on a newly released report card ranking states’ insurance climates.
The report card, which was jointly released by The Heartland Institute and the Competitive Enterprise Institute, found that consumers in Louisiana, Florida, Hawaii, Maryland, Massachusetts and New York pay more for homeowners coverage that is inferior. Each of those states was awarded an F.
Arizona, Idaho, Utah and Vermont each earned “A” grades for their healthy insurance environment.
Again this is highly unacceptable and state and federal representatives of this state need to look for a way in which this tilted scale may be leveled in order to get some semblance of fairness, or even sanity, into the insurance sector of the Gulf Coast.