NEW ORLEANS – Commissioner Tim Temple has congratulated Jefferson and Livingston parishes on improving their federal flood rating, a move that will lower flood insurance costs for residents.
The Community Rating System (CRS) rating for unincorporated Jefferson Parish will increase from Class 5 to Class 3, becoming the first CRS Class 3 in the state and becoming one of only 11 Class 3 designations in the country. The improved rating will give affected Jefferson residents a 35% discount on their flood insurance.
Livingston Parish achieved a new CRS classification of 7, which will lead to a 15% discount for affected flood insurance policyholders in Livingston.
“Jefferson Parish President Cynthia Lee Sheng, Livingston Parish President Randy Delatte, their staffs, and the Jefferson and Livingston Parish Councils deserve recognition for their diligent work to bring down flood insurance costs for their residents,” said Commissioner Temple. “These achievements are a direct result of their dedicated efforts to build stronger and more resilient communities. Their proactive approach to reducing flood risk aligns with the LDI’s broader goal of creating a more resilient Louisiana to make insurance affordable in our great state.”
The CRS is a voluntary Federal Emergency Management Agency (FEMA) program that recognizes and encourages community floodplain management practices that exceed minimum requirements. These practices include local mitigation, floodplain management and educational outreach activities.
Legislative Reforms Starting to See Results
Speaking at the Sept. 18 BGR Breakfast Briefing, Temple said that the state made legislative changes to address regulatory issues, legal challenges and consumer protection, and that these changes are starting to see results. “Since the beginning of 2024 we’ve had a dozen companies either come back to Louisiana or new ones have come and companies that were already doing business here have added capacity to the state. One particular syndicate allocated over $200M more capacity last year in the commercial space,” said Temple.
“As of last month, the average statewide premium rate increase was 1.8%,” said Temple. While it is still an increase, the rate of increase has slowed. In 2024 the increase was 6%, in 2023 it was 12%, and it was 16% the year before that, he said. “Over 8 times now insurance companies have taken a rate decrease this year,” said Temple.
“People are starting to see premium relief. It’s not everywhere and it’s not across the entire state, but it is starting to work and I anticipate that we will continue to see that.”
About the Louisiana Department of Insurance
The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance.
As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders.
Individuals can contact the LDI by downloading our LDIConnect mobile app on the Apple App Store or Google Play Store, calling us at 800-259-5300 or visiting www.ldi.la.gov.
