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re: Louisiana home insurance rates
Posted on 3/15/23 at 4:18 pm to Raptordawg
Posted on 3/15/23 at 4:18 pm to Raptordawg
Had UPC. 2600….. knew for a while they’d be leaving. At first insurance agent said I may only be able to get Citizens and it would likely triple. Then recently they sent me a quote from Cajun for 3800. I was very happy for it not to be tripling. Fingers crossed no hurricanes.
0
Posted on 3/15/23 at 4:40 pm to monsterballads
quote:
this is jim donelon's doing. he let insurance companies raise rates up to 66%. then says he's not seeking another term.
So companies went bankrupt because they didn't have enough to cover the damage of several major hurricanes...and your complaint is he let companies raise rates?
How many more companies would we be without if they didn't access to those higher rates?
Rates are a function of loss. If the rates are too low, companies will (and have) leave the state.
Posted on 3/15/23 at 4:52 pm to Raptordawg
There isn't. There are only 3 to pull from so until we get more competition it will be sky high
Posted on 3/15/23 at 4:53 pm to BigJim
Exactly. Insurance is a business, it's not personal. They don't have a hard on to bankrupt people South of I-10.
If you owned the business and had skin in the game, would you want your company writing policies in South Louisiana. I'm much too risk averse to do that if I were the one with cash in the line.
If you owned the business and had skin in the game, would you want your company writing policies in South Louisiana. I'm much too risk averse to do that if I were the one with cash in the line.
Posted on 3/15/23 at 4:53 pm to PetroBabich
quote:
quote:
That's because it's stupid to live on a slab south of I-10, which a lot of people do.
If they don't live on a slabs what do they live on? Stilts?
Homeowners doesn't cover flooding?? Unless you're in a flood-prone area, you are much better off on a slab for hurrice protection than up off the ground. I've been in my current on-slab home way south of I-10 since 2004 and have had no hurricane damage from any of the storms in the past 18 years.
Posted on 3/15/23 at 4:53 pm to Raptordawg
Happened to me too. Agent told me same things. New quotes came today from different agent. They're much higher. First agent was right.
Posted on 3/15/23 at 7:02 pm to Grad92
quote:
Grad92
And I'm sure you voluntarily paid higher insurance rates out of the kindness of your heart. Only a dumbass pays more than he has to.
"A fool and his money are soon parted."
Posted on 3/15/23 at 7:05 pm to Raptordawg
After years of hurricanes, they have to make up the losses!
Some won't even write policies down here anymore....
Some won't even write policies down here anymore....
Posted on 3/15/23 at 7:07 pm to Y.A. Tittle
quote:
They have a governor and legislature actively working to try to rectify their situation, as I understand it.
Has nothing to do with it. Much larger state, worth insuring. They make money, despite the recent losses.
Louisiana and it’s 100-300k homes outside of a few areas. And high poverty population, are not worth insurance companies wasting their time offering insurance here.
Risk is too high.
Totally different dynamic between Louisiana and Florida. And it’s not just the governor and legislature.
Posted on 6/3/23 at 2:03 pm to Raptordawg
The realtor who shares our office building here in Tim McGraw country has sold two properties in the last month to people from South Louisiana. One from Lake Charles and one from somewhere in SELA. Neither had any previous connection to the community. Will be interesting to see if it's the start of a trend.
Posted on 6/3/23 at 2:28 pm to Raptordawg
Mine doubled on my primary residence but actually decrease in a rental.
One thing I don’t understand - I believe Louisiana mandates minimum coverages for contents (20% of your primary coverage) and other structures (10% of your primary coverage).
I have no other structures - no garage, no shed, no driveway, yet I’m paying for $80,000 of coverage for other structures and cannot decline that coverage because of state minimums. Likewise I have $160,000 for contents which is just bonkers.
For a state experiencing an absolute crisis of insurance underwriting, this seems like a simple fix. Remove or lower minimum coverages for contents and other structures.
One thing I don’t understand - I believe Louisiana mandates minimum coverages for contents (20% of your primary coverage) and other structures (10% of your primary coverage).
I have no other structures - no garage, no shed, no driveway, yet I’m paying for $80,000 of coverage for other structures and cannot decline that coverage because of state minimums. Likewise I have $160,000 for contents which is just bonkers.
For a state experiencing an absolute crisis of insurance underwriting, this seems like a simple fix. Remove or lower minimum coverages for contents and other structures.
Posted on 6/3/23 at 3:27 pm to tigersmanager
quote:
your a fricking idiot
First-rate irony.
Posted on 6/3/23 at 3:36 pm to Raptordawg
Check out Amica.
LINK /
An insurance agent recommended them, and he doesn’t sell them-don’t really know if they even sell through agents, but they’ve been excellent.
Our rates have gone up too, but with the hurricanes, Covid, and inflation, I don’t think anybody’s immune.
LINK /
An insurance agent recommended them, and he doesn’t sell them-don’t really know if they even sell through agents, but they’ve been excellent.
Our rates have gone up too, but with the hurricanes, Covid, and inflation, I don’t think anybody’s immune.
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