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Started By
Message
La. Homeowners Insurance
Posted on 2/3/23 at 7:14 am
Posted on 2/3/23 at 7:14 am
quote:
LOUISIANA, USA — A special session in Baton Rouge Wednesday afternoon could be the beginning of the end of the insurance crisis in Louisiana. Wednesday, the Louisiana House voted to allocate 45 million dollars from the state general fund to the Insure Louisiana Incentive Program. Lawmakers also passed a second bill to limit how that money will be spent.
LINK
Sorry a WWL link.
This situation should have never happened.
6
Posted on 2/3/23 at 7:17 am to SantaFe
Tell me how we could avoid it. I’m not disagreeing with you. Just curious as to your solutions.
Posted on 2/3/23 at 7:22 am to SantaFe
Well, we had 2 cat 4 hurricanes hit both the east and west coasts of the State in back-to-back years. That’s why the wind carriers have pulled out. If this fund incentivizes a return by some carriers to the market, then it’s money well spent. It will help lower the out of control premiums many have had to pay recently.
Posted on 2/3/23 at 7:44 am to SantaFe
Beginning of the end. Lol. More like putting a bandaid on a severed artery
Posted on 2/3/23 at 7:59 am to SantaFe
The bigger issue is the litigation where in Louisiana where policies no longer matter and mediation and judges side with the homeowner in 95% of the cases
Posted on 2/3/23 at 8:15 am to SantaFe
I still just don’t understand why their isn’t just Hurricane insurance, a separate policy that kicks in only if a hurricane hits. No debating if it’s a flood or wind, just if a hurricane hits my area and I have damage, then I use my Hurricane policy. If I refuse to buy hurricane insurance, then it’s tough cookies for me if I get damage, but my general house liability insurance, protecting my property from injury law suits should not be based around storms. I should have the ability to have house insurance that protects my general liability and then a separate hurricane insurance policy.
This post was edited on 2/3/23 at 8:23 am
Posted on 2/3/23 at 9:40 am to SantaFe
Friend of mine was in the committee meeting. One of the female lawmakers had no idea what Moodys, S&p, demotech. There is part of the problem. She is on this committee and has no idea what she is doing. Donelon had no answers.
If you think the rent is too damn high right now wait till your landlords get their renewals. Rent going way up.
If you think the rent is too damn high right now wait till your landlords get their renewals. Rent going way up.
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