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Started By
Message
Flood insurance premiums in parts of Louisiana are about to skyrocket
Posted on 2/7/22 at 3:22 pm
Posted on 2/7/22 at 3:22 pm
quote:
Sweeping changes to the nation’s flood insurance program are expected to produce phased-in increases of more than 129% for around half of Louisiana policyholders, an analysis of FEMA data shows, while about one in 10 could see premiums jump by more than four times their current amount.
The rate increases would be phased in slowly over multiple years because program rules limit price hikes to 18% annually. Around a fifth of Louisiana policyholders deemed to have been paying too much are expected to see one-time decreases averaging about $960 under the ambitious remaking of the National Flood Insurance Program, known as Risk Rating 2.0.
LINK
Looks like this might be woke insurance.
quote:
a house in the historically flood-prone Broadmoor section of New Orleans dropped from an eye-popping $8,400 per year to $1,700, said Lee Miller of Brightway Insurance.
quote:
Latter & Blum agent Tammy Whitehead provided documents showing a quote on a policy in the Beau Chene subdivision in Mandeville nearly quadrupling, to $2,250 per year.
quote:
Another Latter & Blum agent, Leslie Cambre, spoke of a $300,000 house in Luling where the premium rose to around $5,300 annually. She estimated it would’ve been less than $600 previously. Any prospective buyer will have to live with “more money going into insurance, less money going into equity.”
quote:
One house in Old Metairie jumped from around $500 to roughly $1,800, said Johnny Beckmann, senior vice president of Assured Partners, who added he has been struggling to follow the logic.
This post was edited on 2/7/22 at 3:27 pm
Posted on 2/7/22 at 3:24 pm to goofball
When is this supposed to start?
Posted on 2/7/22 at 3:26 pm to goofball
Lootie left Louisiana and isn't taking these rates
This post was edited on 2/7/22 at 3:28 pm
Posted on 2/7/22 at 3:26 pm to goofball
Well thankfully I saved .16 cents from my bbq
Posted on 2/7/22 at 3:26 pm to Splackavellie
already started 10/1 for new policies, 4/1 for renewals. flood will be a shite show more worse than ever now.
Posted on 2/7/22 at 3:28 pm to goofball
Louisiana has to be the worst state in the country when it comes to insurance.
When I moved from Louisiana to Dallas and traded my old 4Runner for a new Audi my car insurance went down and the new car was 10x the value of the old.
When I moved from Louisiana to Dallas and traded my old 4Runner for a new Audi my car insurance went down and the new car was 10x the value of the old.
Posted on 2/7/22 at 3:31 pm to H2O Tiger
Who needs flood insurance when you can do this?
Posted on 2/7/22 at 3:33 pm to TTB
I was down in Baton Rouge this weekend and was talking about those trailers along 190 that look like that near the spillway. Thing must be scary as shite when it's windy.
Posted on 2/7/22 at 3:36 pm to goofball
Looks like it is back to anti-rain dances for me. I survived Katrina and both big floods of the 20Teens. I'll just put the cash I would have spent on premiums in a....rainy day fund
Posted on 2/7/22 at 3:37 pm to goofball
Had a client get a quote on a $185k house in an X floodzone today…..$4100/yr……hopefully once I get an elevation certificate it brings it down significantly, but that’s fricking crazy.
Posted on 2/7/22 at 3:37 pm to goofball
Is this for zone X as well or just the more risky zones? I’m in X and have had big increases the last two years already. Any more and I’m likely going below 100% replacement cost and risking ACV payments.
Posted on 2/7/22 at 3:38 pm to TJG210
quote:
Had a client get a quote on a $185k house in an X floodzone today…..$4100/yr
That’s outrageous and 100% inexcusable. Was this in Louisiana?
Posted on 2/7/22 at 3:39 pm to TDsngumbo
quote:
Is this for zone X as well or just the more risky zones? I’m in X and have had big increases the last two years already. Any more and I’m likely going below 100% replacement cost and risking ACV payments.
x zones in and of itself doesn't mean much of crap anymore.
Posted on 2/7/22 at 3:39 pm to TDsngumbo
quote:
and 100% inexcusable.
why do you automatically deem it inexcusable? asking for a friend...
Posted on 2/7/22 at 3:43 pm to Chad504boy
quote:
why do you automatically deem it inexcusable? asking for a friend...
I’ll answer assuming you’re serious - though I can’t tell
$4,100 a year for what I assume to be a 250,000/100,000 flood policy in zone X is beyond over priced. You can’t convince me they need that much from a zone x customer to remain rate adequate. I refuse to believe that.
I could see an argument being made for $1,500, MAYBE $2,000… maybe. After all I know FEMA has lost its arse over the past decade. But not $4,100.
Posted on 2/7/22 at 3:46 pm to TDsngumbo
At those prices people in X would be crazy to carry insurance form a risk valuation perspective
Posted on 2/7/22 at 3:49 pm to TDsngumbo
quote:
I’ll answer assuming you’re serious - though I can’t tell
$4,100 a year for what I assume to be a 250,000/100,000 flood policy in zone X is beyond over priced. You can’t convince me they need that much from a zone x customer to remain rate adequate. I refuse to believe that.
when its an area that is actually prone to flooding then your thought process is misguided.
Posted on 2/7/22 at 3:49 pm to TDsngumbo
quote:Is there some government regulation on what they can charge?
$4,100 a year for what I assume to be a 250,000/100,000 flood policy in zone X is beyond over priced. You can’t convince me they need that much from a zone x customer to remain rate adequate. I refuse to believe that.
If not, it seems you're mostly at the mercy of the insurance company, no? $4100 is a lot on a $185k house, but depending on just how far south or in a flood zone you are with the odds of something happening a decent amount above 0% AND you really not having a way out of it if your house is destroyed in year 3, what else can you do?
Posted on 2/7/22 at 3:50 pm to goofball
It would be nice if we could access a database to see what our flood insurance will be moving forward.
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