After years of price shocks, area businesses are finally seeing property premiums fall
In Louisiana, property premiums didn’t just rise – they exploded.
“Our property rates skyrocketed, tripled, quadrupled in some cases,” said Zachary Fanberg (pictured), managing director at Eagan Insurance. Hurricane Ida in 2021 may have been the breaking point, but years of storm activity had already stretched the region’s insurance market to the brink.
“In some ways, it was more of a wind event… than Hurricane Katrina was,” he said. “Katrina was more about flooding. Ida was about wind.”
The damage revealed significant flaws in how insurers were valuing buildings. In respon…