Louisiana Insurance Commissioner Tim Temple has approved SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate Reciprocal Exchange’s request for an average rate reduction of 7.5%, benefiting the companies’ more than 73,000 homeowner policyholders and more than 17,000 residential policyholders.
The changes, which will take effect on February 16, 2026, reflect statewide averages, meaning each policyholder’s actual rate adjustment will vary based on their individual risk.
SURE, Louisiana’s second-largest homeowners insurer with about 8% of the market, said its decline was primarily due to lower reinsurance costs.
Commissioner Temple commented, “Since taking office, I have met with reinsurers numerous times to determine how to encourage them to invest more capital in the Louisiana homeowner market and how to reduce the risks and costs associated with their investments.
“Reinsurers continue to argue that Louisiana needs to amend the three-year rule, clarify our catastrophe claims process, and put a greater emphasis on resilience and mitigation plans.
“While we still have a long way to go before all Louisianans can benefit from these changes, we have made great progress and are starting to see the results of our hard work.”
Familiar readers will recall that Louisiana’s insurance market has experienced significant stabilization since Commissioner Tim Temple introduced his property insurance reform package in 2024.
These reforms encouraged new insurers to enter the state, expanded consumer choices and prompted many existing insurers to scale back previously proposed rate increases, marking a significant shift toward a more competitive and resilient market.
