Insurance Meltdown Leaves Homeowners Without Policies and at Risk
Thousands of residents of Louisiana and Florida have lost coverage as the eastern US braces for a busy Atlantic hurricane season.
A home with a damaged roof after Hurricane Delta made landfall in New Iberia, Louisiana, Oct. 10, 2020.
Photographer: Bryan Tarnowski/BloombergAfter meteorologists warned of another active Atlantic hurricane season this year, insurance companies have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners in those storm-prone states.
In Louisiana, ferocious storms have already taken their toll on the insurance market and made the state a “tough place to do business,” according to Jeff Albright, head of the Independent Insurance Agents and Brokers of Louisiana. Over the past two years, storms Laura, Delta and Zeta cost insurers $10.6 billion, while Ida alone cost $30 billion, causing some carriers to declare insolvency.