Louisiana Insurance Commissioner Tim Temple has approved requests from SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate Reciprocal Exchange for an average 7.5% rate reduction, benefiting the companies’ more than 73,000 homeowners policyholders and over 17,000 dwelling policyholders.
The changes, which take effect on February 16, 2026, reflect statewide averages, meaning each policyholder’s actual rate adjustment will vary based on their individual risk.
SURE, the second-largest homeowners insurer in Louisiana, which writes approximately 8% of the market, indicated its decreases are primarily driven by a reduction in reinsurance costs.
Commissioner Temple commented, “Since taking office, I’ve met several times with reinsurers to determine how we can encourage them to invest more capital in the Louisiana homeowners market, as well as how we can reduce the risk—and the cost—associated with that investment.
“Reinsurers consistently brought up the need for Louisiana to amend the three-year rule, clarify our catastrophe claims process and put far more emphasis on resilience and mitigation programs.
“While we still have a long way to go before all Louisianans can benefit from these changes, we have made great strides and are beginning to see the results of our hard work.”
Familiar readers will recall that since Commissioner Tim Temple introduced his property insurance reform package in 2024, Louisiana’s insurance market has experienced significant stabilisation.
The reforms have encouraged new insurers to enter the state, expanded consumer choices, and prompted many existing carriers to scale back previously proposed rate increases, marking a notable shift toward a more competitive and resilient market.
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