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Message
Louisiana Legislature repeals law blocking homeowner’s insurance cancellations
Posted on 5/1/24 at 3:30 pm
Posted on 5/1/24 at 3:30 pm
quote:
Bill gets rid of state’s ‘3-year rule’
The Louisiana Legislature repealed a decades-old law Monday that prevents homeowner insurance policy cancellations.
House Bill 611, sponsored by Rep. Gabe Firment, R-Pollock, received final passage in the Legislature and is now headed to the desk of Gov. Jeff Landry, who is expected to sign it.
The bill repeals Louisiana’s unique three-year rule, which prohibits insurance companies from raising deductibles and canceling or not renewing homeowner policies in effect for more than three years.
Once Firment’s bill is enacted into law, insurance companies will be allowed to cancel up to 5% of their policies each year as long as the covered properties aren’t all in one parish. But the 5% mark is not a hard cap because companies can cancel as many policies as they want with approval from the state insurance commissioner.
LINK /
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
17
Posted on 5/1/24 at 3:34 pm to 4cubbies
Just like CONgress - NO. ALL of them need to be replaced.
Posted on 5/1/24 at 3:40 pm to 4cubbies
Who does this law help? It sounds like it helps insurance companies more than the people of Louisiana.
Posted on 5/1/24 at 3:42 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
I currently can't get homeowners insurance from ANY private provider, despite never making a claim in 18 years.
The thought is, this may open up the market to insurers willing to offer me something.
What's your plan (or one you've seen) that you think might help me get private insurance otherwise?
Posted on 5/1/24 at 3:42 pm to 4cubbies
quote:The reasoning behind this bill is meant to help people by attracting new insurance companies to the state.
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Insurance companies don't like the 3 year rule and LA is in dire need of companies willing to write homeowners insurance in the state. Supposedly there are companies looking to expand into Louisiana but were holding back on doing so due to the 3 year rule. LA is the only state that had such a rule, so it made LA less attractive than neighboring states for insurers looking to expand along the gulf coast.
That's the argument for getting rid of the 3 year rule. Now time will tell if it actually produces any results on attracting new insurance companies to start writing here.
Posted on 5/1/24 at 3:45 pm to 4cubbies
Jeff says ask not to see how your meal is made, just trust the crooks…I mean cooks.
Dude is quickly becoming Huey Long 2.0, except a bigger pos
Dude is quickly becoming Huey Long 2.0, except a bigger pos
Posted on 5/1/24 at 3:45 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
actually not a bad bill chub.
Posted on 5/1/24 at 3:52 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
What does this even mean? Insurance companies are private businesses. Louisiana needs insurance companies to do business here. Insurance companies do not need to do business in Louisiana. At the end of the day, this is the incontrovertible truth. Legislate accordingly. Competition will solve most of the problems. Right now, there is no competition because the state is a shite hole run by plaintiff attorneys.
Posted on 5/1/24 at 3:56 pm to 4cubbies
How they voted
House
https://legiscan.com/LA/rollcall/HB611/id/1416698
Senate
https://legiscan.com/LA/rollcall/HB611/id/1433971
House
https://legiscan.com/LA/rollcall/HB611/id/1416698
Senate
https://legiscan.com/LA/rollcall/HB611/id/1433971
Posted on 5/1/24 at 4:32 pm to 4cubbies
quote:They may just have. Now you may still be able to get homeowner's insurance in LA next year.
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Posted on 5/1/24 at 6:14 pm to 4cubbies
I don’t see how this change will bring in new market competitors, which is the only way we get at least some more availability. We are a massive risk.
As much as I despise this thought, I’m really starting to wonder if this problem can be solved by the private sector. The private sector exists to make a profit and that’s very hard to do here right now, or very risky to attempt to do so.
As much as I despise this thought, I’m really starting to wonder if this problem can be solved by the private sector. The private sector exists to make a profit and that’s very hard to do here right now, or very risky to attempt to do so.
Posted on 5/1/24 at 9:35 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
For real. Every time you hear news of them doing something, it is fricking over the people of Louisiana. Waiting for them to announce pay raises for themselves soon.
Posted on 5/1/24 at 10:46 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Stupid laws like this are why no one can get homeowners insurance in LA.
Posted on 5/2/24 at 6:51 am to 4cubbies
quote:
wonder if this administration will ever do anything to actually help a single person living in thiis state.
I’m not necessarily defending this move, but the state has an issue of having enough willing insurers. Removing arbitrary mandates should theoretically improve that situation.
I still think I’m offering higher hurricane deductibles or roof exclusions would be a better place to start. IMO this entire problem started because insurers were underpricing their insurance.
Posted on 5/2/24 at 6:54 am to 4cubbies
Surely cucking themselves to Insurers means Louisianans will have access to more insurance at more reasonable premiums
Posted on 5/2/24 at 9:21 am to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
This helps the majority of people. I’m sure you’re one of the ones bitching about high insurance premiums and now bitching about removing legislation that leads to increased premiums
Posted on 5/2/24 at 9:28 am to 4cubbies
So if State Farm dropped me in 2017 because of claim history are you saying they should not have, based on state laws?
Posted on 5/8/24 at 2:12 pm to 4cubbies
Only Democrats and a few RINOs voted against it. So, must have been a good bill.
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