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NEW ORLEANS (WVUE) – After years of grappling with skyrocketing homeowners insurance premiums, relief may finally be on the horizon—but it won’t come quickly.
The ongoing crisis is also having a ripple effect on the New Orleans real estate market.
“You can’t buy a house or sell a house if you can’t afford the insurance,” said Ron Henderson, Louisiana’s deputy commissioner of insurance.
Henderson emphasized that the insurance crisis is the primary reason the real estate market is stagnating. The crisis began when more than 30 insurance companies either exited the state or collapsed following the devastating 2020 and 2021 hurricane seasons.
Henderson pointed to building stronger homes and fortifying roofs as key strategies for lowering premiums, but warned that meaningful relief could still be five years away.
“When I say five years, I’m looking at the long-term plan. You’re going to see more fortified roofs. The more fortified roofs we have, the more fortified homes we have, the better the market becomes,” Henderson said.
Since Hurricane Ida, more than $22 billion worth of roofs have been installed on homes across Louisiana, but a significant number of them are not fortified.
For homeowners with newer roofs that aren’t fortified, Henderson said there are two potential options: retrofitting the roof or obtaining a wind mitigation survey. The survey could qualify homeowners for discounts or incentives, but it’s not a guaranteed solution.
“The problem is, some may not qualify for the survey, and there’s no guarantee your insurance company will lower your rates,” Henderson said.
High insurance costs are forcing some homeowners to make difficult decisions.
“What we have seen on our appraisal side of the business is people getting appraisals to determine their home’s value because they’re going to have to sell—they just can’t afford the insurance,” said Albert Pumila, a real estate broker and licensed appraiser.
Even those who can afford insurance are reluctant to move, further stalling the market.
“You have some people who can afford it, but they don’t want to pay that much, so they stay where they are. Those who can’t afford it are stuck looking. I don’t see any changes coming soon,” Pumila said.
Some property owners are taking drastic measures, such as dropping their insurance altogether.
“I actually do not carry insurance on some of my properties—some of my investment properties. That is really the only real relief, just dropping it,” said Jon Cerruti, a commercial real estate agent.
Henderson acknowledged the tough position many homeowners are in, including members of his own family. However, he expressed optimism about new companies entering the Louisiana market, noting that five to seven insurers are currently going through the application process.
“We’re going to get new companies to come in. I wish I could say it was tomorrow—I can’t. What I can say is that we’re working harder, we’re working smarter, and the commissioner is working 24 hours a day to get more companies here. Hopefully, we’ll see more options in the near future,” Henderson said.
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