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Started By
Message
Homeowner with bankrupt insurance company still waiting for hurricane repair money
Posted on 4/26/24 at 11:17 am
Posted on 4/26/24 at 11:17 am
quote:
Some people in Southwest Louisiana are still waiting to get paid for damage to their homes during Hurricanes Laura and Delta after nearly four years.
Many of the residents with the longest waits are those whose insurance companies went bankrupt, such as Raymond Predium of Moss Bluff.
At first glance, Predium’s house looks in pretty good shape, but closer inspection reveals cracks in the ceiling and molding pulling away from the walls.
“It’s structural damages,” Predium said. “You can tell the cabinets are pulling away from the walls, there’s a crack that goes from there to there, it’s twisting.”
He said his sunroom on the back of the house leaks and is getting worse.
“The roof, you can see where the water just pours down like a sieve,” Predium said. He said they keep a bucket and bowls to collect rainwater nearby.
“In my floors, you can see that it’s separating, literally coming apart,” he said.
Predium said his house is more vulnerable to a hurricane since it has not been repaired, which causes anxiety.
“Terrifying. If we have a hurricane come through and it tears up my home, me and my family’s homeless. We have nowhere to go,” he said.
Predium is still waiting because his insurance company, Maision, went belly up. He must rely on the Louisiana Insurance Guaranty Association to fund his repairs.
“I don’t have the money to fix it. I’m on a limited income. Why is it taking four years? Why is it taking so long? I did my part; I paid my bills. I paid it on time. They never had to come at me for not paying the bill. I paid my bill, I just want to be compensated,” he said.
Predium’s attorney, Jeff Gaughan, said LIGA is overwhelmed with the sheer volume of lawsuits since hurricanes Laura, Delta and Ida. He said Predium is on a list to schedule a mediation with a special master, and if that doesn’t resolve the issues, he will have to go through a trial.
Predium said he cannot get new homeowners’ insurance while his home is in a state of disrepair.
LINK
15
Posted on 4/26/24 at 11:20 am to stout
Welp that’s the way the cookie crumbles.
Posted on 4/26/24 at 11:25 am to stout
Shitty situation. We have/had so few homeowners carriers willing to write here, so the bottom of the barrel boutique companies came here to make a quick buck knowing they’d never have the surplus to handle a big event. But Donelson is was so desperate to get anyone in here to write that he allowed them in regardless of size or AM Best rating. All of those carriers have folded- Maison, Lighthouse, Americas, etc. I feel for that man. His agent should’ve told him about these small companies and what the risk was, but I understand that there may not have been another viable option.
Posted on 4/26/24 at 11:27 am to stout
This situation sucks but is probably the main reason I don't use these cheap/no-name insurance companies for anything. My premiums might be higher but in the event shite hits the fan I don't have to worry about my insurer folding up the circus and skipping town. Now, getting them to pay might be a battle itself but atleast they won't fold completely.
Posted on 4/26/24 at 11:32 am to stout
At one point in the late '90s, every former Insurance Commissioner of Louisiana was either dead or had served time in prison.
This post was edited on 4/26/24 at 11:34 am
Posted on 4/26/24 at 11:43 am to Basura Blanco
quote:
At one point in the late '90s, every former Insurance Commissioner of Louisiana was either dead or had served time in prison.
Three in a row went to federal prison.
Wooley broke the streak and might have been more crooked than the other three.
Posted on 4/26/24 at 11:47 am to stout
Can they go to FEMA for funds?
Posted on 4/26/24 at 12:07 pm to Basura Blanco
Couple more hurricanes and some big companies gonna pull out altogether
Posted on 4/26/24 at 12:11 pm to The Mick
quote:
Can they go to FEMA for funds?
At this point I'm not sure if that is still an option or not. They may have already got the max. They may have been underinsured. Maybe they can get an SBA loan.
Posted on 4/26/24 at 12:12 pm to YOURADHERE
quote:
This situation sucks but is probably the main reason I don't use these cheap/no-name insurance companies for anything. My premiums might be higher but in the event shite hits the fan I don't have to worry about my insurer folding up the circus and skipping town. Now, getting them to pay might be a battle itself but atleast they won't fold completely.
There's a lot of places closer to the coast where no "big" companies were writing... it was all fly by night small companies.
Posted on 4/26/24 at 12:14 pm to stout
The whole reason you pay insurance is to protect youtself against a disaster.
Then when the disaster comes, the company you paid isn't there to provide you what you paid for.
LIGA was not set up to handle mass claims, and it also has an incentive to delay / nickle and dime people.
But hey, we can send $100 billion to Israel and Ukraine, but we can't seem to be able to help our fellow Americans who did what they were supposed to do and are absolutely getting screwed.
Then when the disaster comes, the company you paid isn't there to provide you what you paid for.
LIGA was not set up to handle mass claims, and it also has an incentive to delay / nickle and dime people.
But hey, we can send $100 billion to Israel and Ukraine, but we can't seem to be able to help our fellow Americans who did what they were supposed to do and are absolutely getting screwed.
Posted on 4/26/24 at 12:18 pm to stout
The natural conclusion of endless lawsuits and jackpot verdicts.
Posted on 4/26/24 at 12:18 pm to stout
Something is screwed up although I never sued my bankrupted homeowners.
I went through liga and they outsourced an adjuster who was extremely helpful. After making contact I think we were done in less than 2 months.
I was still using initial money for repairs myself. I was always going to reach back out but then Ian came. I called up LIGA and their third party was awesome.
It helps I documented everything and had hundreds of photos documenting what we did and kept or scanned all receipts. It couldn’t have been a better experience for me.
I went through liga and they outsourced an adjuster who was extremely helpful. After making contact I think we were done in less than 2 months.
I was still using initial money for repairs myself. I was always going to reach back out but then Ian came. I called up LIGA and their third party was awesome.
It helps I documented everything and had hundreds of photos documenting what we did and kept or scanned all receipts. It couldn’t have been a better experience for me.
Posted on 4/26/24 at 12:25 pm to stout
That can happen to anyone and it is very sad. None of us are 100% protected by an insurance company.
Posted on 4/26/24 at 12:48 pm to In The Know
quote:Most people don't give a shite about the carrier or it's financial strength. Just seeking a cheaper rate
His agent should’ve told him about these small companies and what the risk was,
Posted on 4/26/24 at 12:56 pm to LSUFanHouston
Giving money to other countries before helping our own is the most frustrating part
Posted on 4/26/24 at 1:02 pm to stout
quote:
At first glance, Predium’s house looks in pretty good shape, but closer inspection reveals cracks in the ceiling and molding pulling away from the walls.
“It’s structural damages,” Predium said. “You can tell the cabinets are pulling away from the walls, there’s a crack that goes from there to there, it’s twisting.”
Sure Jan
Posted on 4/26/24 at 1:53 pm to stout
Something, something, how this wouldn't happen in Texas....
This post was edited on 4/26/24 at 1:54 pm
Posted on 4/26/24 at 2:54 pm to YOURADHERE
quote:
This situation sucks but is probably the main reason I don't use these cheap/no-name insurance companies for anything.
in some areas, that’s the only company writing policies.
Posted on 4/26/24 at 3:15 pm to stout
Surprise someone that paid for the insurance and lost the home and liveli hood with no payments bc of bad bank has not went out with a bang and went after some of the head bankers, or followef the rabbit hole and tried to find exactly who allowed them on the scene and make an obvious example of them and those types of practices
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