WASHINGTON, D.C. (WGNO) — State legislators put the insurance crisis at the forefront of the upcoming legislative session, Tuesday.
Louisiana Senators Bill Cassidy and John Kennedy told WGNO, they believe there are other ways to help solve the issue.
According to Sen. Kennedy, the incentive program for homeowners insurance companies is not a long-term fix.
“We tried that once, it blew up in our face. I hope, this time, it does work,” Sen. Kennedy said. “What I would like to see them do is also work on the major carriers, the ones who have the capital, who aren’t going to go belly up, who can pay claims quickly and fairly. What can we do to get them back?”
In their roles in D.C., there is not much the pair can do to assist with property insurance. However, Sen. Cassidy said, much is being done to assist with skyrocketing flood insurance prices.
“We’re working with Democratic Sen. Robert Menendez from New Jersey. Two parties, two regions saying the same thing; these rate increases are way too much,” Sen. Cassidy said. “We’re putting forward legislation to tamp them down. Also, I can say that in the bipartisan Infrastructure Bill, we have $3 billion to help mitigate coastal flooding for those who have flooded in the last 10 years. That helps Louisiana.”
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