First time homebuyers are always shocked at just how little of their monthly mortgage payments are actually applied to the principal of the loan.

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Between interest payments, in some cases there is mortgage insurance and property taxes, those new homeowners have a tough time swallowing that lump in their throat.

But when they see just how much of their payment goes towards property or homeowner insurance, it's like someone has added spikes to that lump.

Couple having problem with bills and money.

Let me preface the coming bad news with a little sweetener. It could be worse!

As you write this month's mortgage payment, I know that you're wondering what planet I'm from, but I've got the numbers to back up that statement.

According to, homeowner insurance rates in Louisiana aren't anywhere near the most expensive in America.  That distinction belongs to Oklahoma, where rates there are nearly double what we pay in Louisiana.

In fact, the site goes on to show that, on average, Louisiana homeowners pay about 20% less than the national average for insurance coverage. The average Louisiana annual rate for a home valued at $200,000 is $2,317 and the national average is $2,779.

Now, circling back to the bad news, those numbers will likely change, for the worse, in the coming months.

Things For Some Louisiana Homeowners Are About To Get Worse

The Louisiana Radio Network just announced that in the wake of the near dozen insurance companies that have either gone out of business or quit covering homes in Louisiana over the past couple years, those homeowners most at risk of another disaster, could possibly see rate hikes of over 60%.

Louisiana Insurance Commissioner Jim Donelon has announced that the Department of Insurance has approved a rate increase of 63% for customers of the state-run insurer of last resort, Louisiana Citizens. I

The Commissioner stated, “Extremely painful knowing that over a hundred-thousand people are being burdened with a huge rate increase if they cannot – between now and the time of their renewal – get coverage from a private company.”

What Is "The State-Run Insurer Of Last Resort?" defines it as,

An insurer of last resort is an insurance company that offers a policy to a party who is viewed as an extremely high insurance risk. Since these applicants are considered uninsurable by most insurers, they cannot get an insurance policy to cover their risks, and certainly not at competitive market rates.

So, after being battered by hurricanes in 2020 and 2021, these poor souls with near "un-insurable" property, will now be hit with a whopping rate increase beginning January 1.  Donelon did say that he's hoping to have new insurance companies arranged to offer cheaper coverage to those under Citizens’ protection, "before this 63-percent increase impacts the great majority of those 120,000 Citizens policyholders.”

So the question many Louisiana homeowners will have in the coming months is, "Will my premiums also skyrocket next year?"  I'm sure that's something we'll all have to wait to find out.

LOOK: The story behind every NFL team name

Stacker delved into the story behind every NFL football team name. Overall team records, also included, are reflective of NFL regular-season games. There are some football teams with well-known nicknames—the Jets, for instance, are often referred to as Gang Green—but we also divulge how some teams’ official names are sparingly used (the Jets’ neighbors, the Giants, are actually known as the New York Football Giants). Sometimes a team name can tell you a lot about local history: The Vikings of Minnesota draw upon the area’s strong ties to Scandinavia, and the Tampa Bay Buccaneers are dripping in local legend related to Florida’s pirate past.

Let’s kick off the countdown with the folks who earned their nickname by buying boxes of used team jerseys.

30 famous people you might not know were college athletes

Stacker dug deep to find 30 celebrities who were previously college athletes. There are musicians, politicians, actors, writers, and reality TV stars. For some, an athletic career was a real, promising possibility that ultimately faded away due to injury or an alternate calling. Others scrapped their way onto a team and simply played for fun and the love of the sport. Read on to find out if your favorite actor, singer, or politician once sported a university jersey.

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