 As insurance rates continue to climb, more and more residents are choosing to drop their homeowners insurance if they can. CEO of the Independent Insurance Agents of Louisiana, Ben Albright, says homeowner insurance rates were low before multiple hurricanes hit Louisiana in 2020 and 2021, and insurance companies started overcorrecting and overcharging as a result. Insurance companies lost their tail in those storms, but also because there is no competition in the marketplace because there are so few insurance companies.